ACFR (Year Ended December 31, 2023)
VILLAGE OF OAK BROOK, ILLINOIS
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended
December 31, 2023
Prepared by Finance Department
Marilyn Fumero, CPA
Finance Director
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials ............................................................................................................. i
Organization Chart ............................................................................................................ ii
Certificate of Achievement for Excellence in Financial Reporting .................................. iii
Letter of Transmittal ......................................................................................................... iv-ix
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ........................................................................ 1-4
INDEPENENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS ............................. 5-6
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ..................................................................MD&A 1-13
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position ................................................................................... 7-8
Statement of Activities ....................................................................................... 9-10
Fund Financial Statements
Governmental Funds
Balance Sheet ................................................................................................. 11
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position .................... 12
Statement of Revenues, Expenditures, and Changes in Fund Balances ........ 13
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Governmental Funds (Continued)
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures, and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ...................................................... 14
Proprietary Funds
Statement of Net Position .............................................................................. 15-16
Statement of Revenues, Expenses, and Changes in Net Position .................. 17
Statement of Cash Flows ............................................................................... 18-19
Fiduciary Funds
Statement of Fiduciary Net Position ................................................................. 20
Statement of Changes in Fiduciary Net Position ............................................. 21
Notes to Financial Statements ................................................................................. 22-68
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
General Fund ...................................................................................................... 69
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ................................................................... 70
Police Pension Fund ........................................................................................... 71
Firefighters’ Pension Fund ................................................................................. 72
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Illinois Municipal Retirement Fund ................................................................... 73-74
Police Pension Fund ........................................................................................... 75-76
Firefighters’ Pension Fund ................................................................................. 77-78
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Required Supplementary Information (Continued)
Schedule of Changes in the Employer’s Total OPEB Liability
and Related Ratios
Other Postemployment Benefits Plan ................................................................. 79
Schedule of Investment Returns
Police Pension Fund ........................................................................................... 80
Firefighters’ Pension Fund ................................................................................. 81
Notes to Required Supplementary Information ...................................................... 82-83
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
General Fund
Schedule of Revenues - Budget and Actual ....................................................... 84
Schedule of Expenditures - Budget and Actual .................................................. 85-91
Infrastructure Fund
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual ............................................................... 92-93
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ....................................................................................... 94
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances .............................................................................. 95
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Motor Fuel Tax Fund .......................................................................................... 96
Hotel/Motel Tax Fund ........................................................................................ 97
Promenade TIF Fund .......................................................................................... 98
MAJOR ENTERPRISE FUNDS
Waterworks System Fund
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual ............................................................................................ 99
Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 100
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES (Continued)
MAJOR ENTERPRISE FUNDS (Continued)
Sports Core Fund
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual ............................................................................................ 101
Schedule of Detailed Revenues - Budget and Actual ......................................... 102
Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 103-105
INTERNAL SERVICE FUNDS
Combining Statement of Net Position ..................................................................... 106
Combining Statement of Revenues, Expenses, and
Changes in Net Position ........................................................................................ 107
Combining Statement of Cash Flows ...................................................................... 108-109
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual - Budgetary Basis
Insurance Fund ................................................................................................... 110
Garage Fund ....................................................................................................... 111
Capital Replacement Fund ................................................................................. 112
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Combining Statement of Net Position ................................................................ 113
Combining Statement of Changes in Plan Net Position ..................................... 114
STATISTICAL SECTION
Financial Trends
Net Position by Component ......................................................................................... 115-116
Change in Net Position ................................................................................................. 117-120
Fund Balances of Governmental Funds ....................................................................... 121-122
Changes in Fund Balances of Governmental Funds .................................................... 123-124
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION (Continued)
Revenue Capacity
Assessed Value and Actual Value of Taxable Property .............................................. 125
Direct and Overlapping Governments ......................................................................... 126
Principal Sales Taxpayers ............................................................................................. 127
Direct and Overlapping Sales Tax Rates ..................................................................... 128
Retail Sales Volume - Top 25 Illinois Communities ................................................... 129
Sales Tax Receipts - Cash Basis ................................................................................... 130
State Sales Tax Receipts by Month - Cash Basis ......................................................... 131
Non-Home Rule Sales Tax Receipts by Month - Cash Basis ...................................... 132
Sales Tax by Category .................................................................................................. 133
Non-Home Rule Sales Tax by Category ...................................................................... 134
Debt Capacity
Ratios of Outstanding Debt by Type ............................................................................ 135
Direct and Overlapping Governmental Activities Debt ............................................... 136
Legal Debt Margin Information ................................................................................... 137
Demographic and Economic Information
Demographic and Economic Information .................................................................... 138
Principal Employers ..................................................................................................... 139
Operating Information
Full-Time Equivalent Employees................................................................................. 140-143
Operating Indicators by Function ................................................................................. 144
Capital Asset Statistics by Function ............................................................................. 145
INTRODUCTORY SECTION
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VILLAGE ELECTED OFFICIALS
As of December 31, 2023
Laurence Herman
President
Melissa Martin
Trustee
Michael Manzo
Trustee
James Nagle
Trustee
A. Suresh Reddy
Trustee
Edward Tiesenga
Trustee
Naveen Jain
Trustee
Natasha Scarpiniti
Village Clerk
VILLAGE DEPARTMENT DIRECTORS
Greg Summers
Village Manager
Tim O’Malley
Interim Public Works Director
Marilyn Fumero
Finance Director
Jacob Post
Head Librarian
Kevin Fleege
Fire Chief
Thomas Gilbert
Information Technology Services Director
Rebecca Von Drasek
Development Services Director
Joseph Mitchell
Assistant Village Manager
Art Segura
Sports Core Director
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FINANCIAL SECTION
1415 West Diehl Road, Suite 400
Naperville, IL 60563
630.566.8400
INDEPENDENT AUDITOR’S REPORT
The Honorable President
Members of the Board of Trustees
Village of Oak Brook, Illinois
Opinions
We have audited the accompanying financial statements of the governmental activities, the business -
type activities, each major fund, and the aggregate remaining fund information of the Village of Oak
Brook, Illinois (the Village), as of and for the year ended December 31, 2023, and the related notes
to financial statements, which collectively comprise the Village ’s basic financial statements as listed
in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, each major
fund, and the aggregate remaining fund information of the Village of Oak Brook, Illinois, as of
December 31, 2023, and the respective changes in financial position and, where applicable, cash
flows thereof for the year then ended in conformity with accounting principles generally accepted in
the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Village of Oak Brook,
Illinois, and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinions.
Change in Accounting Principle
As described in Note 15 to the financial statements, in 2023, the Village adopted new accounting
guidance, the Governmental Accounting Standards Board (GASB) Statement No. 94, Public-Private
and Public-Public Partnerships and Availability Payment Arrangements, and GASB Statement No.
96, Subscription-Based Information Technology Arrangements. Our opinion is not modified with
respect to this matter.
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Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Village ’s
ability to continue as a going concern for 12 months beyond the financial statement date, including
any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report
that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute
assurance and, therefore, is not a guarantee that an audit conducted in accordance with generally
accepted auditing standards and Government Auditing Standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. Misstatements are considered
material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government
Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the
audit.
• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, and design and perform audit procedures responsive to
those risks. Such procedures include examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Village’s internal control. Accordingly,
no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Village ’s ability to continue as a going
concern for a reasonable period of time.
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We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis and the required supplementary information listed in the table
of contents be presented to supplement the basic financial statements. Such information is the
responsibility of management and, although not a part of the basic financial statements, is required
by the Governmental Accounting Standards Board, who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic ,
or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of
America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management ’s responses to our
inquiries, the basic financial statements and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Village’s basic financial statements. The combining and individual fund
financial statements and schedules are presented for purposes of additional analysis and are not a
required part of the basic financial statements. The combining and individual fund financial
statements and schedules are the responsibility of management and were derived from and relate
directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the combining and individual fund financial statements and schedules are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
We also have previously audited, in accordance with auditing standards generally accepted in the
United States of America, the Village of Oak Brook, Illinois’ basic financial statements for the year
ended December 31, 2022, which are not presented with the accompanying financial statements , and
we expressed unmodified opinions on the respective financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund
information. That audit was conducted for the purpose of forming opinions on the financial
statements that collectively comprise the Village of Oak Brook, Illinois’ basic financial statements
as a whole. The budget and actual data for each fund (with comparative actual) for the year ended
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December 31, 2022, are presented for purposes of additional analysis and are not a required part of
the basic financial statements. Such information is the responsibility of management and was
derived from and related directly to the underlying accounting and other records used to prepare the
2022 basic financial statements. The information was subjected to the audit procedures applied in
the audit of those basic financial statements and certain additional procedures, including comparing
and reconciling such information directly to the underlying accounting and other records used to
prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States
of America.
In our opinion, the 2022 budget and actual data for each fund (with comparative actual) are fairly
stated in all material respects in relation to the basic financial statements from which they have been
derived.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic
financial statements and our auditor’s report thereon. Our opinions on the basic financial statements
do not cover the other information, and we do not express an opinion or any form of assurance
thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and
the basic financial statements, or the other information otherwise appears to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 20,
2023, on our consideration of the Village of Oak Brook, Illinois ’ internal control over financial
reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts,
and grant agreements and other matters. The purpose of that report is solely to describe the scope of
our testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the effectiveness of the Village of Oak Brook, Illinois ’ internal
control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the Village of Oak
Brook, Illinois’ internal control over financial reporting and compliance.
Naperville, Illinois
June 20, 2024
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1415 West Diehl Road, Suite 400
Naperville, IL 60563
630.566.8400
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable President
Members of the Board of Trustees
Village of Oak Brook, Illinois
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information
of the Village of Oak Brook, Illinois (Village) as of and for the year ended December 31, 2023, and
the related notes to the financial statements, which collectively comprise the Village of Oak Brook,
Illinois’ basic financial statements and have issued our report thereon dated June 20, 2024.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Village of Oak
Brook, Illinois’ internal control over financial reporting (internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the
financial statements, but not for the purpose of expressing an opinion on the effectiveness of the
Village of Oak Brook, Illinois’ internal control. Accordingly, we do not express an opinion on the
effectiveness of the Village of Oak Brook, Illinois’ internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a
material misstatement of the entity’s financial statements will not be prevented, or detected and
corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit attention
by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify
any deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that were not identified.
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Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Village of Oak Brook, Illinois’ financial
statements are free from material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could
have a direct and material effect on the financial statements. However, providing an opinion on
compliance with those provisions was not an objective of our audit, and accordingly, we do not express
such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that
are required to be reported under Government Auditing Standards.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Naperville, Illinois
June 20, 2024
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GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS
(See independent auditors’ report)
MD&A 1
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
As the management of the Village of Oak Brook (the “Village”), we offer readers of the Village’s
financial statements this narrative overview and analysis of the financial activities of the Village
for the fiscal year ended December 31, 2023. We encourage readers to consider the information
presented here in conjunction with additional information that we have furnished in the Transmittal
Letter (beginning on page iv) and the Village’s Financial Statements (beginning on page 7).
This discussion and analysis are designed to (1) assist the reader in focusing on significant financial
issues, (2) provide an overview of the Village’s financial activity, (3) identify changes in the
Village’s financial position (its ability to address the next and subsequent year challenges), (4)
identify any material deviations from the financial plan (the approved budget), and (5) identify
individual fund issues or concerns.
HIGHLIGHTS
Financial Highlights
• For the year ending December 31, 2023, the Village’s total (combined governmental and
business-type) assets and deferred outflows of resources exceeded liabilities and deferred
inflows of resources by $158.1 million (referred to as net position).
• The Village’s total net position increased by $15.1 million, or 10.6%, compared to the prior
year.
• The governmental activities reported a total net position of $88.6 million, which is an
increase of $10.7 million, or 13.7%, in comparison to the prior year’s balance. The
unrestricted portion of the net position is a $9.2 million deficit, which is a vast improvement
from the prior year’s $18.8 million deficit. The change to the unrestricted net position is
due to the reduction of Police, Fire & IMRF Pension and Other Postemployment Benefit
(OPEB) liabilities based on actuarial estimates. The vast improvement is due to the
Village’s commitment to pay down pension liabilities. In addition, the extinguishment of
the remaining Promenade TIF note payable is subject to the control of the Village, but for
which was not related to the Village's ordinary typical activities is reported as a special
item on the statement of activities.
• The business-type activities reported a total net position of $69.5 million, which is an
increase of $4.4 million, or 6.8%, in comparison to the prior year’s balance. The
unrestricted portion of the net position is $28.4 million. The change is attributed to profits
from the 2022 sale of the non-corporate water main lines. The Village continues to be the
water supplier for Aqua’s newly acquired customer base.
• The Village had a total (governmental and business-type activities combined) unrestricted
net position of $19.1 million on December 31, 2023, which is an improvement of $15.0
million from last year.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 2
• Total revenues decreased $7.6 million, or 11.0%, in comparison to the prior year. Of the
total decrease, governmental activities revenues increased $3.5 million, or 8.4%, and
business-type activities revenues decreased $11.1 million, or 40.5%. The reduction in
business-type activities revenue is due to the one-time revenue source generated in 2022
from the sale of the non-corporate water main lines.
• Total expenses increased $5.4 million, or 12.8%, in comparison to the prior year. Of the
total increase, governmental activities expenses increased $4.5 million, or 14.1%, and
business-type activities expenses increased $1.0 million, or 9.1%. The increase in
expenditures is attributed to supplemental pension contributions and personnel costs
related to the ratified collective bargaining agreement that expired in 2021.
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview
of the Village’s finances, in a manner similar to a private-sector business. The focus of the
Statement of Net Position presents information on all the Village’s assets/deferred outflows of
resources and liabilities/deferred inflows of resources, with the difference between the two
reported as net position. This statement combines and consolidates governmental fund’s current
financial resources (short-term spendable resources) with capital assets and long-term obligations
using the accrual basis of accounting and economic resources measurement focus. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial
position of the Village is improving or deteriorating.
The Statement of Activities presents information showing how the government’s net position
changed during the most recent fiscal year. All changes in net position are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of the cash flows. Thus,
revenues and expenses are reported in this statement for some items that will only result in cash
flows in future fiscal periods (e.g., earned but unused compensated absences).
Both government-wide financial statements (see pages 7-10) distinguish functions of the Village
that are principally supported by taxes and intergovernmental revenues (governmental activities)
from other functions that are intended to recover all or a significant portion of their costs through
user fees and charges (business-type activities). The governmental activities of the Village reflect
the Village’s basic services, including administration, police, fire and emergency medical services,
engineering, public works, library, and community development. The business-type activities of
the Village, which are based on a fee for service designed to cover all or most of the cost of
operation, include the waterworks system and operations of the Oak Brook Sports Core.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements to
be more familiar. The focus of the presentation is on major funds rather than fund types. A fund is
a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Village, like other state and local governments,
uses fund accounting to ensure and demonstrate compliance with finance-related legal
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 3
requirements. All the funds of the Village can be divided into three categories: governmental
funds, proprietary funds, and fiduciary funds.
Governmental Funds. Governmental funds are used to account for the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources, as well as balances of spendable resources available
at the end of the fiscal year. Such information may be useful in evaluating a government’s near -
term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government’s near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
The Village maintains six individual governmental funds. Information is presented separately in
the governmental fund balance sheet and statement of revenues, expenditures, and changes in fund
balances for the General Fund and Infrastructure Fund, both of which are “major” funds. Data
from the other four governmental funds are combined into a single, aggregate presentation.
Individual fund data for each of these non-major governmental funds is provided in the form of
combining statements elsewhere in this report.
The Village adopts an annual budget for each of its governmental funds, except for the Foreign
Fire Insurance fund. A budgetary comparison statement has been provided elsewhere in this report
to demonstrate compliance with the budget. The basic governmental fund financial statements can
be found on pages 11 through 14 of this report.
Proprietary Funds. The Village maintains two distinct types of proprietary funds: enterprise funds
and internal service funds. Enterprise funds are used to report the same functions presented as
business-type activities in the government-wide financial statements. The Village uses enterprise
funds to account for its waterworks system and the operations of the Oak Brook Sports Core.
Internal service funds are an accounting device used to accumulate and allocate costs internally
among the Village’s various functions. The Village uses internal service funds to account for the
costs of health and dental insurance, garage operations, and the advance funding of equipment
replacement. Because the Village’s costs for these items relate to both governmental and business-
type functions, the costs have been allocated to each type of activity where appropriate.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Waterworks System and the Oak Brook Sports Core, both of which are major
funds of the Village. Conversely, the internal service funds are combined into a single, aggregated
presentation in the proprietary fund financial statements. Individual fund data for the internal
service funds is provided in the form of combining statements elsewhere in this report.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 4
The basic proprietary fund financial statements can be found on pages 15 through 19 of this
report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties
outside of the government. Fiduciary funds are not reflected in the government-wide financial
statements because the resources of those funds are not available to support th e Village’s own
programs. The accounting used for fiduciary funds is much like that used for proprietary funds.
The Village maintains two fiduciary funds: the Police Pension Fund and the Firefighters’
Pension Fund. The Village does not adopt an annual budget for either of these funds.
The basic fiduciary fund financial statements can be found on pages 20 and 21 of this report.
Infrastructure Assets
Prior to 2003, the Village’s largest group of assets (infrastructure assets- roads, bridges, storm
sewers, etc.) were not reported nor depreciated in governmental financial statements. GASB
Statement No. 34, which was implemented in 2003, requires that these assets be valued and
reported within the Governmental Activities column of the Government-wide Statements.
Additionally, the Village must elect to (1) depreciate the assets over their estimated useful life or
(2) develop a system of asset management designed to maintain the service delivery potential to
near perpetuity (modified approach). The Village has chosen to depreciate assets over their useful
life. If a road project is considered maintenance-a recurring cost that does not extend the original
useful life or expand its capacity-the cost of the project will be expensed. An “overlay” of a road
will be considered maintenance whereas a “rebuild” of a road will be capitalized.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data
provided in the government-wide and fund financial statements. The notes to the financial
statements can be found on pages 22 through 68 of this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents
certain required supplementary information concerning the Village’s budgetary compliance and
progress in funding its pension and OPEB obligations to provide benefits to its employees.
Required supplementary information can be found on pages 69 through 83 of this report.
The combining statements referred to earlier are presented immediately following the required
supplementary information. Combining and individual fund statements and schedules can be found
on pages 84 through 114 of this report.
Financial Analysis of the Village as a Whole
Beyond presenting current year financial information in the government-wide and major individual
fund formats, the Village also presents comparative information from the prior year in the
Management’s Discussion and Analysis. By doing so, the Village is providing an additional means
of analyzing its financial condition and financial position compared to December 31, 2022.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 5
GOVERNMENT-WIDE STATEMENTS
The Government-wide Financial Statements were designed so that the user can determine if the
Village’s financial position has improved or deteriorated from the prior year.
Statement of Net Position
The following table reflects a Summary of Net Position for fiscal years 2023 and 2022.
Cash and investments, included in the current and other assets line, increase $15.27 million, or
20.3% compared to the prior year. Total cash and investments were $90.4 million on December 31,
2023, with $62.3 million in Governmental Activities and $28.1 million in Business-Type
Activities.
The net investment in capital assets is the largest portion of net position. This represents capital
assets (land, buildings, improvements, equipment, infrastructure, and construction in progress),
net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The
Village uses these capital assets to provide services to its citizens and these assets are not available
2023 2022 2023 2022 2023 2022
Assets
Current and Other Assets 75.1$ 69.5$ 30.8$ 27.2$ 105.9$ 96.7$
Capital Assets 80.3 81.1 41.5 41.2 121.8 122.4
Total Assets 155.4$ 150.6$ 72.3$ 68.4$ 227.7$ 219.0$
Deferred Outflows of Resources 15.8$ 18.9$ 1.2$ 0.6$ 17.1$ 19.5$
Liabilities
Long-Term Liabilities 69.7$ 72.9$ 1.7$ 0.8$ 71.4$ 73.7$
Other Liabilities 6.6 8.2 0.9 0.7 7.5 8.9
Total Liabilities 76.3$ 81.2$ 2.6$ 1.5$ 78.9$ 82.6$
Deferred Inflows of Resources 6.4$ 10.5$ 1.5$ 2.5$ 7.9$ 13.0$
NET POSITION
Net Investment in Capital Assets 76.5$ 78.9$ 41.1$ 41.2$ 117.6$ 120.1$
Restricted 21.3 17.8 - 1.0 21.3 18.8
Unrestricted (9.2) (18.8) 28.4 22.9 19.1 4.1
Total Net Position 88.6$ 77.9$ 69.5$ 65.1$ 158.1$ 143.0$
Table 1
Statement of Net Position Summary
As of December 31, 2023 and 2022
(in millions)
Governmental
Activities
Business-Type
Activities
Total Primary
Government
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 6
for future spending. For more detailed information, see the Statement of Net Position on pages 7
through 8.
Summary of Changes in Net Position
The following table summarizes the revenues and expenses found on the Statement of Activities
for 2023 and 2022:
2023 2022 2023 2022 2023 2022
Revenues
Program Revenues
Charges for Services 6.8$ 4.9$ 15.1$ 16.9$ 21.9$ 21.8$
Grants and Contributions 1.3 1.2 - - 1.3 1.2
General Revenues
Sales and Local Use Taxes 25.4 25.5 - - 25.4 25.5
Utility Taxes 4.3 5.2 - - 4.3 5.2
Hotel Motel Taxes 1.6 1.4 - - 1.6 1.4
Other Taxes 2.8 2.9 - - 2.8 2.9
Investment Income 2.7 (0.1) 1.2 0.0 3.9 (0.0)
Miscellaneous 0.1 0.4 - 10.4 0.1 10.8
Total Revenues 44.9$ 41.4$ 16.2$ 27.3$ 61.2$ 68.8$
Expenses
General Government 6.2$ 4.3$ -$ -$ 6.2$ 4.3$
Public Safety 22.5 21.2 - - 22.5 21.2
Public Works 5.6 4.5 - - 5.6 4.5
Culture and Recreation 1.7 1.4 - - 1.7 1.4
Waterworks System - - 7.9 7.4 7.9 7.4
Sports Core - - 3.9 3.5 3.9 3.5
Interest and Fiscal Charges 0.0 0.1 - - 0.0 0.1
Total Expenses 36.0$ 31.5$ 11.8$ 10.9$ 47.8$ 42.4$
Special Item 1.7 - - - 1.7 -
Change in Net Position 10.7$ 9.9$ 4.4$ 16.5$ 15.1$ 26.4$
Net Position - Beginning of Year 77.9$ 68.0$ 65.1$ 48.6$ 143.0$ 116.6$
Net Position - End of Year 88.6$ 77.9$ 69.5$ 65.1$ 158.1$ 143.0$
Activities Activities Government
Table 2
Statement of Activities Summary
As of December 31, 2023 and 2022
(in millions)
Governmental Business-Type Total Primary
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 7
As highlighted earlier, total revenues decreased $7.6 million, or 11.0%, compared to the prior year.
The decrease in 2023 revenues is due to a one-time revenue source generated by the sale of the
non-corporate water main lines in 2022.
Total expenses increased $5.4 million, or 12.8%, compared to the prior year, which is due primarily
to changes for Fire and Police Pension net pension liabilities and related amounts. For the year
ended December 31, 2023, the Village recognized a pension expense of $4.3 million. In 2023 the
Village Board approved a supplemental Police and Fire Pension contribution of $2.0 million.
Governmental Activities
Revenues – Governmental Activities
For the fiscal year ended December 31, 2023, Governmental Activities revenues totaled $44.9
million, an increase of $3.5 million from 2022. Revenue from sales and use taxes, which continues
to be the Village’s largest revenue source, amounted to $25.4 million and was 56.5% of total
Governmental Activities revenue. Sales and use tax revenue decreased $0.1 million, or 0.3%, from
2022 revenues. Utility taxes, including taxes imposed on electric, natural gas, and
telecommunications services, were $4.3 million and accounted for 9.5% of total revenue. Utility
tax revenue decreased $0.9 million, or 17.6%, from 2022 due to overall lower usage.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 8
The “other taxes” classification includes several different revenue sources including income taxes,
personal property replacement taxes, and hotel taxes. For 2023, these revenues were $2.8 million,
which accounts for 4.6% of total Governmental Activities revenues. Hotel Motel Taxes increased
$0.2 million, or 14.0%, from 2022. The increase is realized primarily from hotel tax revenues
which continue to thrive with room bookings trending between 75% to 95% capacity.
The “charges for services” classification includes a number of different licenses, permits, and fees.
For 2023, these revenues total $6.8 million, or 15.1% of the Governmental Activities revenues.
Charges for services increased $1.9 million, or 39.1%, from 2022. The increase is due to large
developments in 2023 and increasing fee base revenues to match industry standards.
Expenses by Function – Governmental Activities
Expenses for Governmental Activities totaled $36.0 million in 2023, an increase of $4.5 million,
or 12.8%, from 2022. Changes by individual function include:
• General government expenses were $6.2 million, an increase of $1.9 million, or 44.5%,
from 2022.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 9
• Public Safety expenses were $22.5 million, an increase of $1.3 million, or 6.0%, from 2022.
The increase is due to personnel expenses from the ratification of the Police contract that
initially expired in 2022. During 2023, the Village made full contributions to the pension
funds in addition to supplemental contributions of $1.0 million to both the Police and Fire
Pension funds.
• Public Works expenses were $5.6 million, an increase of $1.1 million, or 24.2%, from
2022. The increase is primarily due to the increased cost of liability insurance and resuming
capital improvements previously postponed due to supply and staffing shortages.
• Culture and recreation expenses were $1.7 million, a modest increase of 0.3 million, from
2022.The increase is due to the cost increase of printed materials and added programs
offered at the Oak Brook Library.
Business-Type Activities
The business-type activities net position increased $4.4 million, or 6.8% from 2022. For business-
type activities, revenues for the waterworks system were $7.9 million, which increased by $0.5
million, or 6.9%, compared to the prior year. Water customer rates were 5.0% higher from 2022,
the increase in rate was to offset the City of Chicago annual water rate increase. Sports Core
program revenues were $3.9 million, which is an increase of $0.4 million, or 12.7%, compared to
the prior year.
For business-type activities, expenses for the waterworks system were $7.9 million, an increase of
$0.5 million, or 6.9% from 2022. The increase is primarily due to personnel costs and the
increasing cost of supplying water. Sports Core expenses were $3.9 million, or a decrease of 12.7%
from 2022. The decrease is due to additional cost control measures, including outsourcing pool
management duties.
Program
Program Revenues Expenses
Waterworks Sytem 10,085,225$ 7,903,632$
Sports Core 4,984,656 3,945,369
Total 15,069,881$ 11,849,001$
Revenues and Expenses - Business-Type Activites
For the Fiscal Year Ended December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 10
FINANCIAL ANALYSIS OF THE VILLAGES FUNDS
Governmental Funds
As noted earlier, the Village of Oak Brook uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. As of December 31, 2023, the governmental
funds (as presented on the balance sheet on page 11) had a combined fund balance of $64.1
million, which is an increase of $11.8 million over the prior year. Below is a summary of major
changes in the Village’s major governmental funds.
General Fund Analysis
General Fund balance increased $4.1 million in 2023, to a total of $42.6 million. Revenues
increased $3.1 million over 2022, while expenditures increased $6.1 million over 2022. Revenues
were $6.1 million over the original budget, while expenditures were $1.8 million over the original
budget in 2023. The increase in expenditures is primarily attributed to Public Works operations
previously expensed to the Infrastructure Fund and reallocated to the General Fund in 2023.
Table 3 below details the General Fund major revenue and expenditure line items compared to
original and amended budget.
Original Amended
Budget Budget Actual
Revenues
Intergovernmental 17,961,562$ 20,768,760$ 20,786,724$
Utility Taxes 5,623,000 4,286,590 4,286,590
Licenses & Permits 1,950,485 3,834,611 3,843,934
Charges for Services 2,137,621 2,998,929 2,714,860
Other 733,300 2,310,100 2,859,985
Total Revenues 28,405,968$ 34,198,990$ 34,492,093$
Expenditures
General Government 4,978,203$ 4,930,742$ 4,826,926$
Public Safety 19,436,355 20,505,953 21,407,378
Public Works 2,930,766 2,631,784 2,631,784
Culture and Recreation 1,075,680 1,082,354 1,082,354
Debt Service - - 226,273
Total Expenditures 28,421,004$ 29,150,833$ 30,174,715$
Other Financing Sources (Uses)-$ (1,500,000)$ (241,087)$
Change in Fund Balance (15,036)$ 3,548,157$ 4,076,291$
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 11
General Fund intergovernmental revenues were over budget. The Village uses a conservative
benchmark due to heavy reliance on elastic revenue sources to fund General Fund operations.
Although a temporary spike in inflation can boost sales tax revenues, persistently high inflation
has historically led to decreased consumer and business spending and as a result, weaker
collections. Within the intergovernmental category, sales tax revenue receipts were $1.5 million
higher than budget projections. Utility taxes were under budget by $1.3 million due to a general
slowdown in usage. Licenses and Permits revenues were $1.9 million over budget projections due
to strong building permit revenues from commercial development. Charges for Services revenues
were $0.6 million over budget projections due primarily to the increase in community services.
General Fund expenditures continue to be conservative in annual spending. Actual expenditures
were higher than originally budgeted in 2023 by nearly $1.7 million. The increase in expenditures
is primarily attributed to Public Works operations previously expensed to the Infrastructure Fund
reallocated to the General Fund in 2023.
The fund balance in the Infrastructure Fund increased $6.6 million from 2022 to 2023, to a total
of $15.5 million. The Village capital budget includes several major street improvements projects
in 2023. Many of these projects will carry into 2024 and beyond. The Infrastructure Fund
historically accumulates and saves funds for major projects; therefore, it is common to see
significant increases or decreases in the fund balance each year depending on project schedules.
Capital Assets
The following table reflects the Village’s capital asset balances as of December 31, 2023, and
2022.
2023 2022 2023 2022 2023 2022
Land and Land Right of Way 33.2$ 33.2$ 8.3$ 8.3$ 41.5$ 41.5$
Construction in Progress 0.1 1.1 0.3 1.2 0.4 2.3
Buildings and Land Improvements 27.7 27.7 12.4 11.1 40.1 38.8
Machinery, Vehicles, and Equipment 9.3 8.8 7.7 7.6 17.1 16.4
Infrastructure 58.8 57.1 37.9 36.4 96.6 93.5
Intangible Capital Assests - Right to Use 3.6 2.7 - - 3.6 2.7
Total 132.7$ 130.5$ 66.5$ 64.7$ 199.3$ 195.2$
Accumulated Depreciation - Tangible (51.4)$ (48.9)$ (25.0)$ (23.4)$ (76.4)$ (72.4)$
Accumulated Depreciation - Intangible (1.0) (0.5) - - (1.0) (0.5)
(52.4)$ (49.4)$ (25.0)$ (23.4)$ (77.5)$ (72.9)$
Total Capital Assets 80.3$ 81.1$ 41.5$ 41.2$ 121.8$ 122.3$
Activities
Business-Type
Activities
Total Primary
Government
Table 4
Capital Assets
As of December 31, 2023 and 2022
(in millions)
Governmental
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 12
At year-end, the Village’s net investment in capital assets (net of accumulated depreciation and
related long-term debt) for both its governmental and business-type activities was $121.8 million,
a decrease of $0.5 million from 2022 (see Note 5 in the Notes to the Financial Statements for
further information regarding capital assets). Major capital asset events during 2023 were:
• For Governmental Activities, major capital projects include road and bridge improvements,
facility projects, and vehicle replacements.
• For Business-Type Activities, capital spending includes Oak Brook Golf Course
Improvements, Golf Clubhouse Renovations, Water Main Improvements, and various
equipment replacements.
Long-Term Debt
As a “non-home rule community,” the Village’s legal general obligation debt limit is 8.625 percent
of equalized assessed valuation (EAV), or $148,679,632 based on January 1, 2023, EAV of
$1,723,821,817. As of December 31, 2023, the Village had no debt outstanding applicable to the
legal limit (see Note 6 in the Notes to the Financial Statements for details of each issue). Table 5
below summarizes the Village’s outstanding long-term debt:
The Village’s note payable is to the Tax Increment Financing (TIF) District developers for certain
improvements in the TIF area located at the Promenade (22nd Street and Meyers Road). The TIF
Note is not a general obligation to the Village, and it reached its date of final maturity on February
1, 2023. On December 12, 2023, the Village passed Ordinance S-1678, an ordinance providing for
the termination of the Oak Brook TIF #1 Butterfield-Meyers Road Development Project Area, and
the dissolution of the 2005 Village of Oak Brook TIF #1 Butterfield-Meyers Road Development
Project Area Special Tax Allocation Fund.
In 2018, the Village entered into an agreement to lease certain administration, public works, and
public safety vehicles. In 2023, one Peterbilt truck was replaced, leaving the total number of leased
vehicles at thirty-one. These leases run for three and five years, depending on vehicle type and
department function.
2023 2022 2023 2022 2023 2022
Note Payable -$ 2.0$ -$ -$ -$ 2.0$
Leases 1.9 0.7 - - 1.9 0.7
SBITAs 0.4 0.2 - - 0.4 0.2
Total Long-Term Debt 2.3$ 2.9$ -$ -$ 2.3$ 2.9$
Activities Activities Government
Table 5
Long-Term Debt
As of December 31, 2023 and 2022
(in millions)
Governmental Business-Type Total Primary
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 13
Economic Factors and Next Year’s Budget
Whereas real estate taxes are typically a major source of revenue in most other municipalities, the
Village of Oak Brook does not levy a tax on real estate. In addition, since Oak Brook is a non -
home rule community and is subject to the tax cap, this effectively limits the Village’s real estate
tax levy at $-0-. Thus, as compared to other municipalities, Oak Brook’s revenue stream is much
more dependent on the local and national economy since sales taxes, utility taxes, and state-shared
revenues are the primary sources of income to the Village.
During fiscal year 2023, unassigned fund balance in the General Fund increased from $38.5
million to $42.5 million, primarily due to strong sales tax revenue collections, and expenditure
control measures. Total 2023 General Fund revenues increased $4.1 million from 2022, while
expenditures decreased $0.9 million from 2022. The Village strives to maintain a strong reserve
balance due to the volatility of its major revenue sources.
The 2024 Budget continues to be a conservative financial plan while providing excellent services
to its residents and business community. The total 2024 budgeted revenues are $61.1 million, an
increase of $3.8 million, or 6.6%, from the 2023 Budget (excludes Pension Trust and Foreign Fire
Tax Funds). The total spending in the 2023 Budget is $60.3 million, an increase of $3.1 million,
or 5.4%, from the 2023 Budget (excludes Pension Trust and Foreign Fire Tax Funds).
The projected ending cash balance for 2024 in the General Corporate Fund of $39.1 million is
equal to 16.0 months of operating expenditures, which is above the Village’s six-month reserve
policy.
CONTACTING THE VILLAGE’S FINANCE DEPARTMENT
This financial report is designed to provide our citizens, customers, investors, and creditors with a
general overview of the Village’s finances and to demonstrate accountability for the money it
receives. Questions concerning this report or requests for additional financial information should
be directed to Marilyn Fumero, Finance Director, Village of Oak Brook, 1200 Oak Brook Road,
Oak Brook, IL 60523.
BASIC FINANCIAL STATEMENTS
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 62,299,554$ 28,070,699$ 90,370,253$
Receivables (net, where applicable,
of allowance for uncollectibles)
Sales taxes 7,203,005 - 7,203,005
Utility tax 602,561 - 602,561
Accounts 1,016,844 - 1,016,844
Allotments 31,860 869,958 901,818
Accrued interest 94,945 28,202 123,147
Leases 2,716,722 999,464 3,716,186
PPP receivable - 283,580 283,580
Other 1,059,271 284,959 1,344,230
Internal balances (163,527) 163,527 -
Prepaid expenses 183,981 - 183,981
Inventory 75,477 108,899 184,376
Capital assets not being depreciated 33,305,666 8,575,341 41,881,007
Capital assets being depreciated,
net of accumulated depreciation and amortization 46,994,539 32,959,036 79,953,575
Total assets 155,420,898 72,343,665 227,764,563
DEFERRED OUTFLOWS OF RESOURCES
Pension items - Police Pension 7,457,138 - 7,457,138
Pension items - Firefighters' Pension 3,348,948 - 3,348,948
Pension items - IMRF 3,787,217 874,779 4,661,996
Deferred outflows of resources - OPEB 1,230,835 82,362 1,313,197
Deferred outflows of resources - ARO - 288,000 288,000
Total deferred outflows of resources 15,824,138 1,245,141 17,069,279
Total assets and deferred outflows of resources 171,245,036 73,588,806 244,833,842
LIABILITIES
Accounts payable 2,646,309 839,876 3,486,185
Accrued payroll 597,149 21,702 618,851
Deposits payable 2,131,832 156 2,131,988
Unearned revenue 1,191,471 39,872 1,231,343
Long-term liabilities
Due within one year 1,890,647 90,080 1,980,727
Due in more than one year 67,834,379 1,603,847 69,438,226
Total liabilities 76,291,787 2,595,533 78,887,320
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF NET POSITION
December 31, 2023
(This statement is continued on the following page.)
- 7 -
Governmental Business-Type
Activities Activities Total
DEFERRED INFLOWS OF RESOURCES
Pension items - Police Pension 218,787$ -$ 218,787$
Pension items - Firefighters' Pension 69,020 - 69,020
Deferred inflows of resources - OPEB 3,515,167 235,221 3,750,388
Deferred inflows of resources - leases 2,586,248 981,648 3,567,896
Deferred inflows of resources - PPP - 278,891 278,891
Total deferred inflows of resources 6,389,222 1,495,760 7,884,982
Total liabilities and deferred inflows of resources 82,681,009 4,091,293 86,772,302
NET POSITION
Net investment in capital assets 76,469,408 41,105,504 117,574,912
Restricted for
Infrastructure 15,370,611 - 15,370,611
Highways and streets 2,022,102 - 2,022,102
Fire department 177,548 - 177,548
Culture and recreation 3,771,197 - 3,771,197
Unrestricted (deficit)(9,246,839) 28,392,009 19,145,170
TOTAL NET POSITION 88,564,027$ 69,497,513$ 158,061,540$
December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF NET POSITION (Continued)
See accompanying notes to financial statements.
- 8 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 6,212,164$ 4,482,222$ -$ -$
Public safety 22,471,090 2,250,695 225,844 683,778
Public works 5,615,192 62,786 352,327 -
Culture and recreation 1,651,744 7,709 - -
Interest and fees 16,293 - - -
Total governmental activities 35,966,483 6,803,412 578,171 683,778
Business-Type Activities
Water and sewer 7,903,632 10,085,225 - -
Sports core 3,945,369 4,984,656 - -
Total business-type activities 11,849,001 15,069,881 - -
TOTAL PRIMARY GOVERNMENT 47,815,484$ 21,873,293$ 578,171$ 683,778$
Program Revenues
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2023
- 9 -
Governmental Business-Type
Activities Activities Total
(1,729,942)$ -$ (1,729,942)$
(19,310,773) - (19,310,773)
(5,200,079) - (5,200,079)
(1,644,035) - (1,644,035)
(16,293) - (16,293)
(27,901,122) - (27,901,122)
- 2,181,593 2,181,593
- 1,039,287 1,039,287
- 3,220,880 3,220,880
(27,901,122) 3,220,880 (24,680,242)
General Revenues
Taxes
Property 455,451 - 455,451
Sales 7,603,145 - 7,603,145
Local use 320,810 - 320,810
Utility 4,286,590 - 4,286,590
Hotel/motel 1,576,776 - 1,576,776
Other 129,005 - 129,005
Intergovernmental
State sales tax 17,524,488 - 17,524,488
State income tax 1,303,915 - 1,303,915
Personal property replacement 869,774 - 869,774
Investment income 2,652,880 1,179,623 3,832,503
Miscellaneous 127,447 - 127,447
Total 36,850,281 1,179,623 38,029,904
SPECIAL ITEM 1,736,063 - 1,736,063
CHANGE IN NET POSITION 10,685,222 4,400,503 15,085,725
NET POSITION, JANUARY 1 77,878,805 65,097,010 142,975,815
NET POSITION, DECEMBER 31 88,564,027$ 69,497,513$ 158,061,540$
Primary Government
and Change in Net Position
Net (Expense) Revenue
See accompanying notes to financial statements.
- 10 -
Nonmajor Total
General Infrastructure Governmental Governmental
Cash and investments 39,104,145$ 15,427,955$ 5,847,292$ 60,379,392$
Receivables
Sales taxes 4,998,802 2,204,203 - 7,203,005
Utility taxes 602,561 - - 602,561
Accounts 1,016,844 - - 1,016,844
Allotments - - 31,860 31,860
Accrued interest 68,633 18,732 5,768 93,133
Lease 2,716,722 - - 2,716,722
Other 630,846 99,800 281,877 1,012,523
Inventories 1,467 - - 1,467
Prepaid items 58,981 125,000 - 183,981
TOTAL ASSETS 49,199,001$ 17,875,690$ 6,166,797$ 73,241,488$
LIABILITIES
Accounts payable 1,232,283$ 1,288,215$ 95,950$ 2,616,448$
Accrued payroll 592,529 1,009 - 593,538
Deposits payable 2,131,832 - - 2,131,832
Unearned revenue 71,915 1,090,855 - 1,162,770
Total liabilities 4,028,559 2,380,079 95,950 6,504,588
DEFERRED INFLOWS OF RESOURCES
Leases 2,586,248 - - 2,586,248
Unavailable other receivables - - 100,000 100,000
Total deferred inflows of resources 2,586,248 - 100,000 2,686,248
Total liabilities and deferred inflows of resources 6,614,807 2,380,079 195,950 9,190,836
FUND BALANCES
Nonspendable
Inventory 1,467 - - 1,467
Prepaid items 58,981 125,000 - 183,981
Restricted
Infrastructure - 15,370,611 - 15,370,611
Highways and streets - - 2,022,102 2,022,102
Public safety - - 177,548 177,548
Culture and recreation - - 3,771,197 3,771,197
Unassigned 42,523,746 - - 42,523,746
Total fund balances 42,584,194 15,495,611 5,970,847 64,050,652
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 49,199,001$ 17,875,690$ 6,166,797$ 73,241,488$
OF RESOURCES, AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
ASSETS
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENTAL FUNDS
December 31, 2023
BALANCE SHEET
See accompanying notes to financial statements.
- 11 -
FUND BALANCES OF GOVERNMENTAL FUNDS 64,050,652$
Amounts reported for governmental activities in the statement of net position are
different because:
Capital assets used in governmental activities are not financial resources and,
therefore, are not reported in the governmental funds 76,070,447
Unavailable other receivables recognized in the statement of net position do
not provide current financial resources and are included as deferred inflows
of resources in the governmental funds balance sheet 100,000
Differences between expected and actual experiences, assumption changes,
and net difference between projected and actual earnings for the Police
Pension Fund are recognized as deferred outflows and inflows of resources
on the statement of net position 7,238,351
Differences between expected and actual experiences, assumption changes,
and net difference between projected and actual earnings for the Firefighters'
Pension Fund are recognized as deferred outflows and inflows of resources
on the statement of net position 3,279,928
Differences between expected and actual experiences, assumption changes,
and net difference between projected and actual earnings for the Illinois
Municipal Retirement Fund are recognized as deferred outflows and inflows
of resources on the statement of net position 3,677,116
Differences between expected and actual experiences, assumption changes, and
net difference between projected and actual earnings for the other postemployment
benefit plan are recognized as deferred outflows and inflows of resources on the
statement of net position (2,269,701)
Long-term liabilities are not due and payable in the current period and, therefore,
are not reported in the governmental funds
Net pension liability - Police Pension (30,779,690)
Net pension liability - Firefighters' Pension (26,105,296)
Net pension liability - IMRF (4,154,030)
SBITAs (405,602)
Installment contract (315,668)
Compensated absences payable (1,096,319)
Other postemployment benefit liability (4,799,433)
The net position of the Internal Service Fund is included in the governmental
activities in the statement of net position 4,073,272
NET POSITION OF GOVERNMENTAL ACTIVITIES 88,564,027$
VILLAGE OF OAK BROOK, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
December 31, 2023
See accompanying notes to financial statements.
- 12 -
Nonmajor Total
General Infrastructure Governmental Governmental
REVENUES
Intergovernmental 20,786,724$ -$ 605,707$ 21,392,431$
Non-home rule sales tax - 7,528,765 - 7,528,765
Utility taxes 4,286,590 - - 4,286,590
Hotel/motel taxes - - 1,576,776 1,576,776
Licenses and permits 3,843,934 - - 3,843,934
Charges for services 2,714,860 - - 2,714,860
Property taxes - - 455,451 455,451
Fines and penalties 244,617 - - 244,617
Investment income 1,866,677 562,842 223,361 2,652,880
Miscellaneous 748,691 102,362 4,432 855,485
Total revenues 34,492,093 8,193,969 2,865,727 45,551,789
EXPENDITURES
Current
General government 4,826,926 236,874 432,020 5,495,820
Public safety 21,407,378 111,500 121,060 21,639,938
Public works 2,631,784 2,230,953 - 4,862,737
Culture and recreation 1,082,354 - 418,249 1,500,603
Debt service
Principal 222,837 - 257,000 479,837
Interest and fiscal charges 3,436 - 79,793 83,229
Total expenditures 30,174,715 2,579,327 1,308,122 34,062,164
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 4,317,378 5,614,642 1,557,605 11,489,625
OTHER FINANCING SOURCES (USES)
Transfers in - 1,000,000 - 1,000,000
Transfers (out)(996,604) - (503,396) (1,500,000)
SBITA issuance 344,261 - - 344,261
Installment contract issuance 411,256 - - 411,256
Total other financing sources (uses) (241,087) 1,000,000 (503,396) 255,517
NET CHANGE IN FUND BALANCES 4,076,291 6,614,642 1,054,209 11,745,142
FUND BALANCES, JANUARY 1 38,507,903 8,880,969 4,916,638 52,305,510
FUND BALANCES, DECEMBER 31 42,584,194$ 15,495,611$ 5,970,847$ 64,050,652$
For the Year Ended December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
See accompanying notes to financial statements.
- 13 -
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 11,745,142$
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlay as expenditures; however, they
are capitalized on the statement of net position and depreciated on the
statement of activities 1,727,624
Depreciation expense does not require the use of current financial resources
and, therefore, is not reported as an expenditure in governmental funds (2,410,533)
Loss on disposal of capital assets (62,988)
Extinguishment of the remaining Promenade TIF note payable is subject to
the control of the Village but for which was not related to the Village's ordinary
typical activities is reported as a special item on the statement of activities 1,736,063
Receivables not currently available are reported as revenue when collected
or currently available in the fund financial statements but are recognized
as revenue when earned in the government-wide financial statements (828,036)
The repayment of the principal portion of long-term debt is reported as an
expenditure when due in governmental funds but as a reduction of principal
outstanding on the statement of net position 479,837
The issuance of SBITA liabilities is reported as an other financing source
in the governmental funds but as an increase of principal outstanding
in the statement of activities (344,261)
The issuance of the installment contract liability is reported as an other
financing source in the governmental funds but as an increase of principal
outstanding in the statement of activities (411,256)
The change in accrued interest is reported as expenses on the statement of
activities 66,936
The change in compensated absences payable is shown as an expense of the
statement of activities 75,187
The change in the other postemployment benefit liability, deferred outflows
and inflows of resources (8,366)
The change in the Police Pension Fund net pension liability and deferred
outflows/inflows of resources is not a source or use of a financial resource (1,048,570)
The change in the Firefighters' Pension Fund net pension liability and deferred
outflows of resources is not a source or use of a financial resource (338,111)
The change in the Illinois Municipal Retirement Fund net pension liability and
deferred outflows/inflows of resources is not a source or use of a financial
resource (572,395)
The change in net position of Internal Service Funds is reported in governmental
activities 878,949
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 10,685,222$
For the Year Ended December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
See accompanying notes to financial statements.
- 14 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CURRENT ASSETS
Cash and investments 24,654,715$ 3,415,984$ 28,070,699$ 1,920,162$
Receivables
Billed and unbilled water sales 869,958 - 869,958 -
Accrued interest 17,153 11,049 28,202 1,812
Leases - 999,464 999,464 -
PPP receivable - 283,580 283,580 -
Other 187,437 97,522 284,959 46,748
Inventory - 108,899 108,899 74,010
Total current assets 25,729,263 4,916,498 30,645,761 2,042,732
NONCURRENT ASSETS
Capital assets
Assets not being depreciated 460,669 8,114,672 8,575,341 -
Assets being depreciated
Cost 43,900,314 14,071,666 57,971,980 5,775,608
Accumulated depreciation (16,253,709) (8,759,235) (25,012,944) (3,655,150)
Intangible - - - 3,045,598
Accumulated amortization - - - (936,298)
Net capital assets being depreciated and amortized 27,646,605 5,312,431 32,959,036 4,229,758
Net capital assets 28,107,274 13,427,103 41,534,377 4,229,758
Total noncurrent assets 28,107,274 13,427,103 41,534,377 4,229,758
Total assets 53,836,537 18,343,601 72,180,138 6,272,490
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF 395,509 479,270 874,779 110,101
Deferred outflows of resources - OPEB 29,835 52,527 82,362 7,883
Deferred outflows of resources - ARO 288,000 - 288,000 -
Total deferred outflows of resources 713,344 531,797 1,245,141 117,984
Total assets and deferred outflows of resources 54,549,881 18,875,398 73,425,279 6,390,474
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
December 31, 2023
Business-Type Activities
(This statement is continued on the following page.)
- 15 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CURRENT LIABILITIES
Accounts payable 583,486$ 256,390$ 839,876$ 29,861$
Accrued payroll 11,250 10,452 21,702 3,611
Current compensated absences payable 30,269 39,825 70,094 6,179
Deposits payable - 156 156 -
Interest payable - - - -
Unearned revenue - 39,872 39,872 28,701
Current other postemployment benefit liability 7,291 12,695 19,986 3,179
Current lease obligation - - - 191,459
Total current liabilities 632,296 359,390 991,686 262,990
NONCURRENT LIABILITIES
Compensated absences payable 5,342 7,027 12,369 1,090
Net pension liability 446,807 541,428 988,235 124,384
Other postemployment benefit liability 109,794 193,449 303,243 27,758
Asset retirement obligation 300,000 - 300,000 -
Lease obligation - - - 1,714,939
Total noncurrent liabilities 861,943 741,904 1,603,847 1,868,171
Total liabilities 1,494,239 1,101,294 2,595,533 2,131,161
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - OPEB 85,205 150,016 235,221 22,514
Deferred inflows of resources - leases - 981,648 981,648 -
Deferred inflows of resources - PPP - 278,891 278,891 -
Total deferred inflows of resources 85,205 1,410,555 1,495,760 22,514
Total liabilities and deferred inflows of resources 1,579,444 2,511,849 4,091,293 2,153,675
NET POSITION
Net investment in capital assets 27,678,401 13,427,103 41,105,504 2,323,360
Unrestricted 25,292,036 2,936,446 28,228,482 1,913,439
TOTAL NET POSITION 52,970,437$ 16,363,549$ 69,333,986 4,236,799$
Adjustment to reflect the consolidation
of internal service fund activities related
to enterprise funds 163,527
TOTAL NET POSITION OF
BUSINESS-TYPE ACTIVITIES 69,497,513$
Business-Type Activities
STATEMENT OF NET POSITION (Continued)
December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
See accompanying notes to financial statements.
- 16 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
OPERATING REVENUES
Charges for services 10,085,225$ 4,972,088$ 15,057,313$ 4,895,176$
Total operating revenues 10,085,225 4,972,088 15,057,313 4,895,176
OPERATING EXPENSES
Operations 6,760,363 3,404,143 10,164,506 740,867
Claims and insurance - - - 3,034,426
Depreciation and amortization 1,170,709 555,114 1,725,823 933,599
Total operating expenses 7,931,072 3,959,257 11,890,329 4,708,892
OPERATING INCOME 2,154,153 1,012,831 3,166,984 186,284
NON-OPERATING REVENUES (EXPENSES)
Investment income 1,150,165 29,458 1,179,623 53,894
Interest expense - - - (46,941)
Miscellaneous - 12,568 12,568 35,151
Total non-operating revenues (expenses)1,150,165 42,026 1,192,191 42,104
INCOME BEFORE TRANSFERS
AND CONTRIBUTIONS 3,304,318 1,054,857 4,359,175 228,388
TRANSFERS IN - - - 500,000
CAPITAL GRANTS AND CONTRIBUTIONS - - - 191,889
CHANGE IN NET POSITION 3,304,318 1,054,857 4,359,175 920,277
NET POSITION, JANUARY 1 49,666,119 15,308,692 3,316,522
NET POSITION, DECEMBER 31 52,970,437$ 16,363,549$ 4,236,799$
Adjustment to reflect the consolidation
of internal service fund activities related
to enterprise funds 41,328
CHANGE IN NET POSITION OF
BUSINESS-TYPE ACTIVITIES 4,400,503$
Business-Type Activities
For the Year Ended December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
See accompanying notes to financial statements.
- 17 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 10,130,390$ 4,735,844$ 14,866,234$ 379,940$
Receipts from internal service transactions - - - 4,613,490
Payments to suppliers (6,121,604) (1,978,500) (8,100,104) (4,291,635)
Payments to employees (639,491) (1,186,393) (1,825,884) (202,557)
Net cash from operating activities 3,369,295 1,570,951 4,940,246 499,238
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Amounts received from (paid to) other funds - - - 500,000
Net cash from noncapital financing activities - - - 500,000
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchases of capital assets (1,322,466) (278,127) (1,600,593) (240,895)
Proceeds from disposal of capital assets 15,029 15,057 30,086 51,092
Grant proceeds - - - 191,889
Principal payments on leases - - - (752,584)
Interest payments on leases - - - (93,141)
Net cash from capital and related
financing activities (1,307,437) (263,070) (1,570,507) (843,639)
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of investment securities 161,462 - 161,462 -
Interest 1,155,800 30,189 1,185,989 16,149
Net cash from investing activities 1,317,262 30,189 1,347,451 16,149
NET INCREASE IN CASH AND
CASH EQUIVALENTS 3,379,120 1,338,070 4,717,190 171,748
CASH AND CASH EQUIVALENTS, JANUARY 1 18,043,152 2,077,914 20,121,066 1,388,721
CASH AND CASH EQUIVALENTS, DECEMBER 31 21,422,272$ 3,415,984$ 24,838,256$ 1,560,469$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2023
Business-Type Activities
(This statement is continued on the following page.)
- 18 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CASH AND INVESTMENTS
Cash and cash equivalents 21,422,272$ 3,415,984$ 24,838,256$ 1,560,469$
Investments 3,232,443 - 3,232,443 359,693
TOTAL CASH AND INVESTMENTS 24,654,715$ 3,415,984$ 28,070,699$ 1,920,162$
RECONCILIATION OF OPERATING INCOME
TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income 2,154,153$ 1,012,831$ 3,166,984$ 186,284$
Adjustments to reconcile operating income to
net cash from operating activities
Depreciation and amortization 1,170,709 555,114 1,725,823 933,599
Changes in current assets and liabilities
Accounts receivable 45,165 52,996 98,161 98,254
Prepaid expenses - - - 144
Inventory - 19,029 19,029 (12,657)
Accounts payable (73,466) (97,139) (170,605) (628,048)
Accrued payroll 2,494 (10) 2,484 604
Deposits payable - (53,294) (53,294) -
Compensated absences payable 8,662 13,642 22,304 (926)
Leases - (11,860) (11,860) -
PPP - (4,689) (4,689) -
Pension items - IMRF 61,374 77,770 139,144 17,246
Pension items - OPEB 204 361 565 55
Unearned revenue - 6,200 6,200 524
Claims payable - - - (95,841)
NET CASH FROM OPERATING ACTIVITIES 3,369,295$ 1,570,951$ 4,940,246$ 499,238$
NONCASH TRANSACTIONS
Assets acquired through lease -$ -$ -$ 456,977$
Loss on disposal of capital assets - - - 15,941
Capital assets in accounts payable - 112,540 112,540 -
TOTAL NONCASH TRANSACTIONS -$ 112,540$ 112,540$ 472,918$
Business-Type Activities
For the Year Ended December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
See accompanying notes to financial statements.
- 19 -
ASSETS
Cash and short-term investments 3,509,463$
Investments held in the
Illinois Police Officer's
Pension Investment Fund 41,675,815
Investments held in the
Illinois Firefighters's
Pension Investment Fund 34,448,588
Prepaid items 7,898
Total assets 79,641,764
LIABILITIES
Accounts payable 10,745
Total liabilities 10,745
NET POSITION RESTRICTED
FOR PENSIONS 79,631,019$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF FIDUCIARY NET POSITION
December 31, 2023
PENSION TRUST FUNDS
See accompanying notes to financial statements.
- 20 -
ADDITIONS
Contributions
Employer 5,602,396$
Employee 845,408
Total contributions 6,447,804
Investment income
Net appreciation in fair
value of investments 8,636,257
Interest 865,399
Total investment income 9,501,656
Less investment expenses (94,569)
Net investment income 9,407,087
Total additions 15,854,891
DEDUCTIONS
Benefits and refunds 7,151,613
Administrative expenses 92,334
Total deductions 7,243,947
NET INCREASE 8,610,944
NET POSITION RESTRICTED
FOR PENSIONS
January 1 71,020,075
December 31 79,631,019$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
For the Year Ended December 31, 2023
See accompanying notes to financial statements.
- 21 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Oak Brook, Illinois (the Village) was incorporated in 1958. The Village is a
non-home rule municipality, under the 1970 Illinois Constitution, located in DuPage
County, Illinois. The Village operates under a President -Trustee form of government and
provides the following services as authorized by its charter: public safety (police and fire
protection), recreation facilities, a free public library, water supply, storm water collection,
public works operations, road maintenance, building and inspectional services , and general
administrative services.
The accounting policies of the Village conform to accounting principles generally accepted
in the United States of America, as applicable to governments (hereinafter referred to as
generally accepted accounting principles (GAAP)). The Government al Accounting
Standards Board (GASB) is the accepted standard -setting body for establishing
governmental accounting and financial reporting principles. The following is a summary
of the more significant policies:
a. Reporting Entity
The Village was incorporated in 1958. The Village is a municipal corporation
governed by an elected eight-member board. As required by GAAP, these financial
statements present the Village (the primary government) and its component units.
Management has determined that there are two fiduciary component units that are
required to be included in the financial statements of the Village as pension trust
funds.
Police Pension Employees Retirement System
The Village’s police employees participate in Police Pension Employees Retirement
System (PPERS). PPERS functions for the benefit of these employees and is
governed by a five-member pension board. Two members appointed by the Village ’s
President, one elected by pension beneficiaries and two elected police employees
constitute the pension board. The Village is obligated to fund all PPERS costs not
funded by PPERS participants based upon actuarial valuations, which creates a
financial burden on the Village. The State of Illinois is authorized to establish benefit
levels and the Village is authorized to approve the actuarial assumptions used in the
determination of contribution levels, which results in the PPERS being fiscally
dependent upon the Village. PPERS is reported as a pension trust fund. PPERS does
not issue a stand-alone financial report.
- 22 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Firefighters’ Pension Employees Retirement System
The Village’s sworn firefighters participate in Firefighters’ Pension Employees
Retirement System (FPERS). FPERS functions for the benefit of these employees
and is governed by a five-member pension board.
Two members appointed by the Village’s President, one elected pension beneficiary
and two elected fire employees constitute the pension board. The Village is obligated
to fund all FPERS costs not funded by FPERS participants based upon actuarial
valuations, which creates a financial burden on the Village. The State of Illinois is
authorized to establish benefit levels and the Village is authorized to approve the
actuarial assumptions used in the determination of contribution levels, which results
in the FPERS being fiscally dependent on the Village. FPERS is reported as a
pension trust fund. FPERS does not issue a stand-alone financial report.
b. Fund Accounting
The Village uses funds to report on its financial position and the change in its
financial position. Fund accounting is designed to demonstrate legal compliance and
to aid financial management by segregating transactions related to certain
government functions or activities.
A fund is a separate accounting entity with a self -balancing set of accounts. The
minimum number of funds are maintained consistent with legal and managerial
requirements.
Funds are classified into the following categories: governmental, proprietary, and
fiduciary.
Governmental funds are used to account for all or most of the Village ’s general
activities, including the collection and disbursement of committed, restricted,
or assigned monies (special revenue funds), the funds committed, restricted , or
assigned for the acquisition or construction of capital assets (capital projects
funds), and the funds committed, restricted, or assigned for the servicing of
long-term debt (debt service funds). The General Fund is used to account for
all activities of the Village not accounted for in some other fund.
Enterprise funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful to
sound financial administration. Goods or services from such activities can be
provided either to outside parties (enterprise funds) or to other departments or
agencies primarily within the Village (internal service funds).
- 23 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting (Continued)
Fiduciary funds are used to account for fiduciary activities (e.g., assets held on
behalf of outside parties, including other governments). The Village utilizes
pension trust funds which are generally used to account for assets that the
Village holds in a fiduciary capacity.
c. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity has been eliminated from these
statements. Interfund services provided and used are not eliminated on these
statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment, or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues include (1) charges to customers or applicants who purchase, use, or directly
benefit from goods, services, or privileges provided by a given function or segment and
(2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly
included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
The Village reports the following major governmental funds:
The General Fund is the general operating fund of the Village. It is used to
account for all financial resources except those accounted for in another fund.
The Infrastructure Fund is used to account for revenues restricted for and
expenditures relative to the construction and maintenance of roadway,
drainage, and bike trail improvements.
- 24 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements (Continued)
The Village reports the following major proprietary funds:
The Waterworks System Fund is used to account for the revenues and
expenses relative to the operation of the water utility.
The Sports Core Fund is used to account for the revenues and expenses relative
to the operation of the Oak Brook Sports Core.
Additionally, the Village reports the following Internal Service Funds:
Internal Service Funds account for the Village’s self-insured employee health
and dental insurance program; the operation and maintenance of the Village ’s
vehicle fleet equipment, and the Village ’s capital replacement program
provided to other departments or agencies of the Village on a cost
reimbursement basis. These funds are reported as part of the governmental
activities on the government-wide financial statements as they provide services to
the Village’s governmental funds/activities.
The Village reports pension trust funds as fiduciary component units to account for the
Police Pension Fund and Firefighters’ Pension Fund.
d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund and
fiduciary fund financial statements. Revenues and additions are recorded when earned
and expenses and deductions are recorded when a liability is incurred. Property taxes
are recognized as revenues in the year for which they are levied (i.e., intended to
finance). Grants and similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met. Operating revenues and expenses
are directly attributable to the operation of the proprietary funds. Non -operating
revenue/expenses are incidental to the operations of these funds.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Under
the modified accrual basis of accounting, revenues are recognized when susceptible
to accrual (i.e., when they become both measurable and available). “Measurable”
means the amount of the transaction can be determined and “available” means
collectible within the current period or soon enough thereafter to be used to pay
liabilities of the current period.
- 25 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
The Village considers revenues to be available if they are collected within 60 days of
the end of the current fiscal period, except for sales taxes and telecommunication
taxes which use a 90-day period. The Village recognizes property taxes when they
become both measurable and available in the year for which they are levied (i.e.,
intended to finance). Expenditures are recorded when the related fund liability is
incurred. Principal and interest on general long -term debt are recorded as
expenditures when due.
Property taxes, sales taxes owed from the state at year end, franchise taxes, licenses,
charges for services, and investment income associated with the current fiscal period
are all considered to be susceptible to accrual and are recognized as revenues of the
current fiscal period. Fines and permits revenues are not susceptible to accrual
because generally they are not measurable until received in cash.
In applying the susceptible to accrual concept to intergovernmental revenues (e.g.,
federal and state grants), the legal and contractual requirements of the numerous
individual programs are used as guidelines. There are, however, essentially two types
of revenues. In one, monies must be expended on the specific purpose or project
before any amounts will be paid to the Village; therefore , revenues are recognized
based upon the expenditures recorded. In the other, monies are virtually unrestricted
as to purpose of expenditure and are generally revocable only for failure to comply
with prescribed eligibility requirements, such as equal employment opportunity.
These resources are reflected as revenues at the time of receipt or earlier if they meet
the availability criterion.
The Village may report unearned revenue and deferred/unavailable revenue on its
financial statements. Deferred/unavailable revenues arise when a potential revenue
does not meet the available criteria for recognition in the current period, under the
modified accrual basis of accounting. Unearned revenue arises when a revenue is
measurable but not earned under the accrual basis of accounting. Unearned revenues
also arise when resources are received by the Village before it has a legal claim to
them or prior to the provision of services, as when grant monies are received prior to
the incurrence of qualifying expenditures. In subsequent periods, when both revenue
recognition criteria are met, or when the Village has a legal claim to the resources,
the liability or deferred inflow of resources for unearned and deferred/unavailable
revenue are removed from the financial statements and revenue is recognized.
- 26 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
e. Cash and Investments
For purposes of the statement of cash flows, the Village considers cash and cash
equivalents to include cash on hand, demand deposits, and short -term investments
with original maturities of three months or less from the date of acquisition.
Investments with a maturity of less than one year when purchased, non -negotiable
certificates of deposit, and other nonparticipating investments are stated at cost or
amortized cost. Investments with a maturity greater than one year when purchased
and all investments of the pension trust funds are stated at fair value. Fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
f. Interfund Receivables/Payables
Transactions between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as either
“interfund receivables/payables” (current portion of interfund loans) or “advances
to/from other funds” (noncurrent portion of interfund loans). All other outstanding
balances between funds are reported as “due to/from other funds.” Advances are
offset by nonspendable fund balance in applicable governmental funds.
Interfund service transactions are accounted for as revenues, expenditures, or
expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed. All other interfund transactions
are reported as transfers.
g. Inventories and Prepaid Items/Expenses
Inventories are recorded based on the average cost method, not in excess of
replacement cost. Inventories in the General Fund and Garage Fund consist of
expendable supplies held for consumption; inventories in the Sports Core Fund
consist of inventory held for resale. The cost is recorded as an expenditure at the
time individual inventory items are utilized or sold. General Fund inventories are
equally offset by nonspendable fund balance which indicates that they do not
constitute “available spendable resources” even though they are a component of net
current assets.
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses. Prepaid items/expenses are
recorded as expenditures/expenses when consumed rather than when purchased.
- 27 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
h. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g.,
roads, bridges, sidewalks, and similar items), are reported in the applicable
governmental or business-type activities columns in the government-wide financial
statements. Capital assets are defined by the Village as assets with an initial, individual
cost of $5,000 or more and an estimated useful life in excess of one year. Such assets
are recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at acquisition value at the date of donation. The
costs of normal maintenance and repairs, including street overlays that do not add to the
value of the asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Property, plant, and equipment is depreciated using the straight -line
method over the following estimated useful lives:
Assets Years
Land improvements 20
Buildings and building improvements 5-50
Equipment 5-20
Vehicles 2-20
Infrastructure 20-75
Intangible assets 2-10
Intangible assets represent the Village’s right-to-use a leased asset. These intangible
assets, as defined by GASB Statements No. 87, Leases, are for lease contracts of
nonfinancial assets including vehicles and equipment.
i. Compensated Absences
Under terms of employment, employees are granted vacation, sick leave, and
compensatory leave in varying amounts. Only benefits considered to be vested are
disclosed in these statements. All vested vacation, sick leave , and compensatory
leave pay is accrued when incurred in the government -wide and proprietary fund
financial statements. A liability for these amounts is reported in governmental funds
only if they have matured, for example, as a result of employee resignations and
retirements, and are payable with expendable resources.
Payments for vacation, sick leave, and compensatory leave will be made at rates in
effect when the benefits are used. Accumulated vacation, sick leave , and
compensatory leave at December 31, 2023, are determined on the basis of current
salary rates and include salary related payments.
- 28 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j. Long-Term Obligations
In the government-wide financial statements and proprietary funds in the fund financial
statements, long-term debt, and other long-term obligations are reported as liabilities in
the applicable governmental activities, business-type activities, or proprietary fund
financial statements. Bond premiums and discounts, as well as the unamortized loss on
refunding, are deferred and amortized over the life of the bonds. Bonds payable are
reported net of any applicable bond premium or discount.
In the fund financial statements, governmental funds recognize bond premiums and
discounts during the current period. The face amount of debt issued is reported as other
financing sources. Premiums received on debt issuances are reported as other financing
sources while discounts on debt issuances are reported as other financing uses. Issuance
costs, whether or not withheld from the actual debt proceeds received, are reported as
expenditures.
k. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net assets that applies to
a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. In addition to liabilities, the statement of financial
position will sometimes report a separate section for deferred inflows of resources.
This separate financial statement element, deferred inflows of resources, represents
an acquisition of net assets that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time.
l. Fund Balance/Net Position
In the fund financial statements, governmental funds report nonspendable fund
balance for amounts that are either not in spendable form or legally or contractually
required to be maintained intact. Restrictions of fund balance are reported for
amounts constrained by legal restrictions from outside parties for a specific purpose,
or externally imposed by outside entities. Committed fund balance is constrained by
formal actions of the Village Board of Trustees, which is considered the Village ’s
highest level of decision-making authority. Formal actions include ordinances
approved by the Board of Trustees. Assigned fund balance represents amounts
constrained by the Village’s intent to use them for a specific purpose. The authority
to assign fund balance has been delegated to the Village ’s Finance Director through
the approved fund balance policy adopted by the Village Board of Trustees. Any
residual fund balance of the General Fund is reported as unassigned. Deficit fund
balances of other governmental funds are also reported as unassigned.
- 29 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
l. Fund Balance/Net Position (Continued)
The Village’s flow of funds assumption prescribes that the funds with the highest
level of constraint are expended first. If restricted or unrestricted funds are available
for spending, the restricted funds are spent first. Additionally, if different levels of
unrestricted funds are available for spending the Village considers committed funds
to be expended first followed by assigned and then unassigned funds.
The Village has established fund balance policies for their governmental funds. It is
the policy of the Village that every effort be made to maintain the greater of: (a) an
uncommitted cash balance equal to six months of budgeted operating expenditures
for the forthcoming fiscal year, exclusive of budgeted capital projects; or (b) an
uncommitted cash balance equal to not less than six months of projected
expenditures, exclusive of capital projects, based on the average of the first three
years of the most recent Five-Year Financial Plan adopted by the Village Board of
Trustees.
In the government-wide financial statements, restricted net positions are legally
restricted by outside parties for a specific purpose. Net investment in capital assets
represents the book value of capital assets less any outstanding long -term debt issued
to acquire or construct the capital assets.
m. Use of Estimates
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets, deferred outflows of resources, liabilities and deferred inflows of resources,
and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenditures/expenses during
the reporting period. Actual results could differ from those estimates.
n. Special Item
Certain significant transactions or other events within the control of management that
are either unusual in nature or infrequent in occurrence are reported as special items.
As a result of the Promenade Tax Increment Financing District closing as of
December 31, 2023, the Village extinguished the remaining balance of tax
incremental tax note payable of $1,736,063. This extinguishment of debt is reported
as a special item.
- 30 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS
The Village and pension funds categorize the fair value measurements within the fair value
hierarchy established by GAAP. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for
identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs
are significant unobservable inputs.
a. Village Investments
The Village’s investment policy authorizes the Village to invest in all investments
allowed by Illinois Compiled Statutes (ILCS). These include deposits/investments in
insured commercial banks, savings and loan institutions, obligations of the U.S.
Treasury and U.S. agencies, insured credit union shares, money market mutual funds
with portfolios of securities issued or guaranteed by the United States Government or
agreements to repurchase these same obligations, repurchase agreements, short -term
commercial paper rated within the three highest classifications by at least two
standard rating services, and The Illinois Funds.
The Illinois Public Treasurers ’ Investment Pool, known as The Illinois Funds,
operates as a qualified external investment pool in accordance with the criteria
established in GASB Statement No. 79, Certain External Investment Pools and Pool
Participants, and thus, reports all investments at amortized cost rather than fair
value. The investment in The Illinois Funds by participants is also reported at
amortized cost. The Illinois Funds does not have any limitations or restrictions on
participant withdrawals. The Illinois Treasurer ’s Office issues a separate financial
report for The Illinois Funds which may be obtained by contacting the
Administrative Office at Illinois Business Center, 400 West Monroe Street, Suite
401, Springfield, Illinois 62704.
The Village’s investment policy does limit their deposits to financial institutions that
are members of the FDIC system and are capable of posting collateral for amounts in
excess of FDIC insurance. Additionally, the Village will not invest in any institution
in which the Village’s funds on deposit are in excess of 25% of the institution’s
capital stock and surplus.
It is the policy of the Village to invest its funds in a manner which will provide the
highest investment return with the maximum security while meeting the daily cash
flow demands of the Village and conforming to all state and local statutes governing
the investment of public funds, using the “prudent person” standard for managing the
overall portfolio. The primary objectives of the policy are, in order of priority, safety
of capital, liquidity, maintenance of public trust, and prudence.
The Village maintains a cash pool that is available for use by all funds, except the
pension trust funds. Investments are separately held by several of the Village ’s
funds. The deposits and investments of the pension trust funds are held separately
from those of other funds.
- 31 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS (Continued)
a. Village Investments (Continued)
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of bank failure, the Village’s deposits may not be returned to it. The Village ’s
investment policy requires pledging of collateral for all bank balances in excess of
federal depository insurance, at an amount not less than 110% of the fair market
value of the funds secured, with the collateral held by an agent of the Village in the
Village’s name.
Investments
The following table presents the investments and maturities of the Village ’s debt
securities as of December 31, 2023:
Investment Maturities (in Years)
Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10
Negotiable certificate of
deposits
$ 2,905,150
$ 2,170,953
$ 734,197
$ -
$ -
U.S. agency obligations 2,306,281 999,573 466,981 - 839,727
Municipal bonds 6,127,718 6,127,718 - - -
Corporate bonds 6,390,030 4,441,864 1,948,166 - -
TOTAL $ 17,729,179 $ 13,740,108 $ 3,149,344 $ - $ 839,727
Interest rate risk is the risk that changes in interest rates will adversely affect the
market value of an investment. In accordance with its investment policy, the Village
limits its exposure to interest rate risk by structuring the portfolio to remain
sufficiently liquid to enable the Village to meet all operating requirements which
may be reasonably anticipated in any Village fund. Maturities of investments in all
funds covered by this policy shall not exceed five years, unless a temporary
extension of maturities is approved by the Board of Trustees. The Village’s
investment policy specifically prohibits the use of or the investment in derivatives.
The Village has the following recurring fair value measurements as of December 31,
2023: the certificate of deposits, U.S. agency obligations, state and local obligations,
and corporate bonds, are valued using quoted matrix pricing models (Level 2 inputs).
- 32 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS (Continued)
a. Village Investments (Continued)
Investments (Continued)
The Village limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity. This is done primarily by investing in
securities issued by the United States Government, securities issued by agencies of
the United States Government, which are implicitly guaranteed by the United States
Government, municipal bonds rated at the time of purchase within the four highest
general classifications established by a rating service of nationally recognized
expertise in rating bonds of states and their political subdivisions , or corporate bonds
rated within the three highest classifications by at least two standard rating services.
Investments in corporate bonds are rated BBB to A-. Investments in municipal bonds
are rated A- to AA. Investments in U.S. agency obligations are rated AA+.
Negotiable certificate of deposits are not rated.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Village will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
Village’s investment policy requires all security transactions that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying investments held in a custodial account with the trust department of
an approved financial institution. The Illinois Funds are not subject to custodial
credit risk.
Concentration of credit risk is the risk that the Village has a high percentage of its
investments invested in one type of investment. In order to limit the exposure to
concentration of credit risk, the Village ’s investment policy limits investments in any
one financial institution to 25%, exclusive of securities guaranteed by the full faith
and credit of the United States Government or obligations of agencies of the United
States Government.
3. PROPERTY TAXES
Property taxes for 2023 attach as an enforceable lien on January 1, 2023, on property
values assessed as of the same date. Taxes are levied by December 31 of the fiscal year by
passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or
about May 1 and August 1 and are payable in two installments, on or about June 1 and
September 1. The County collects such taxes and remits them periodically. The Village
does not have a tax levy but does receive a share of road and bridge taxes from local
townships, as well as incremental property taxes from the Butterfield/Meyers Road
Redevelopment Project Area (TIF).
- 33 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
4. RECEIVABLES
The following receivables are included in other receivables on the statement of net position
at December 31, 2023:
GOVERNMENTAL ACTIVITIES
Loans receivable $ 100,000
Hotel/motel tax 181,877
IRMA surplus 595,157
State use tax 94,571
Miscellaneous 40,918
TOTAL GOVERNMENTAL ACTIVITIES $ 1,012,523
BUSINESS-TYPE ACTIVITIES
IRMA surplus $ 151,964
Members charges 35,626
Miscellaneous 97,369
TOTAL BUSINESS-TYPE ACTIVITIES $ 284,959
5. CAPITAL ASSETS
Governmental capital asset activity for the year ended December 31, 2023 was as follows:
Beginning
Balances
(Restated)*
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 616,829 $ - $ - $ 616,829
Land right of way 32,551,116 - - 32,551,116
Construction in progress 1,078,576 52,953 993,808 137,721
Total capital assets not being
depreciated 34,246,521 52,953 993,808 33,305,666
Tangible capital assets being depreciated
Buildings and building and land
improvements 27,666,301 66,457 - 27,732,758
Computer equipment 1,206,599 42,858 38,509 1,210,948
Other equipment 1,766,198 520,781 40,339 2,246,640
Vehicles 127,047 - - 127,047
Infrastructure 57,127,322 1,688,722 57,673 58,758,371
Internal service fund vehicles 5,714,157 240,896 179,445 5,775,608
Total tangible capital assets being
depreciated 93,607,624 2,559,714 315,966 95,851,372
- 34 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
Beginning
Balances
(Restated)*
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
(Continued)
Intangible capital assets being amortized
Right-to-use equipment $ 2,298,056 $ - $ 40,768 $ 2,257,288
Right-to-use vehicles 410,521 456,977 79,188 788,310
Right-to-use software 188,590 349,661 - 538,251
Total intangible capital assets being
amortized 2,897,167 806,638 119,956 3,583,849
Less accumulated depreciation for
Buildings and building and
land improvements 13,408,516 816,713 - 14,225,229
Computer equipment 996,637 65,836 38,509 1,023,964
Other equipment 1,486,035 126,514 35,022 1,577,527
Vehicles 63,526 12,705 - 76,231
Infrastructure 29,557,518 1,296,266 - 30,853,784
Internal service fund vehicles 3,424,107 394,681 163,638 3,655,150
Total accumulated depreciation 48,936,339 2,712,715 237,169 51,411,885
Less accumulated amortization for
Right-to-use equipment 370,479 352,549 40,705 682,323
Right-to-use vehicles 146,724 186,369 79,118 253,975
Right-to-use software - 92,499 - 92,499
Total accumulated amortization 517,203 631,417 119,823 1,028,797
Total capital assets being
Depreciated and amortized, net 47,051,249 22,220 78,930 46,994,539
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 81,297,770 $ 75,173 $ 1,072,738 $ 80,300,205
*Beginning balances for Governmental Activities were restated as part of the
implementation of GASB Statement No. 96, Subscription-Based Information Technology
Arrangements. See Note 6c for additional information.
Depreciation expense was charged to functions/programs of the primary government as
follows:
GOVERNMENTAL ACTIVITIES
General government $ 484,070
Public safety 437,429
Highways and streets 1,687,322
Culture and recreation 103,894
TOTAL DEPRECIATION EXPENSE -
GOVERNMENTAL ACTIVITIES
$ 2,712,715
- 35 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
Amortization expense was charged to functions/programs of the District’s governmental
activities as follows:
GOVERNMENTAL ACTIVITIES
General government $ 70,388
Public safety 431,652
Highways and streets 129,377
TOTAL AMORTIZATION EXPENSE -
GOVERNMENTAL ACTIVITIES
$ 631,417
Business-type capital asset activity for the year ended December 31, 202 3 was as follows:
Beginning
Balances
Increases
Decreases
Ending
Balances
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $ 8,292,265 $ - $ - $ 8,292,265
Construction in progress 1,206,057 237,085 1,160,066 283,076
Total capital assets not being
depreciated
9,498,322 237,085 1,160,066
8,575,341
Capital assets being depreciated
Land improvements 3,830,478 - - 3,830,478
Building and building improvements 7,310,071 1,255,350 40,215 8,525,206
Infrastructure 36,424,234 1,538,629 72,744 37,890,119
Vehicles, machinery, and equipment 7,612,581 158,468 44,872 7,726,177
Total capital assets being depreciated 55,177,364 2,952,447 157,831 57,971,980
Less accumulated depreciation for
Land improvements 2,975,181 92,006 - 3,067,187
Building and building improvements 4,297,884 358,537 37,724 4,618,697
Infrastructure 10,515,716 835,337 57,715 11,293,338
Vehicles, machinery, and equipment 5,641,652 436,942 44,872 6,033,722
Total accumulated depreciation 23,430,433 1,722,822 140,311 25,012,944
Total capital assets being
depreciated, net
31,746,931 1,229,625 17,520
32,959,036
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 41,245,253 $ 1,466,710 $ 1,177,586 $ 41,534,377
BUSINESS-TYPE ACTIVITIES
Waterworks $ 1,167,708
Sports core 555,114
TOTAL DEPRECIATION EXPENSE -
BUSINESS-TYPE ACTIVITIES
$ 1,722,822
- 36 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT
a. Note Payable
The Village has issued notes payable related to developer and intergovernmental
agreements. The notes payable currently outstanding are as follows:
Issue
Fund Debt
Retired By
Balances
January 1
Issuance
Retirements
Balances
December 31
Current
$4,250,000 TIF note
payable to developers
dated June 6, 2005 for
certain improvements in
the TIF area, interest at
8% due in semiannual
installments contingent
upon sufficient pledged
incremental real estate
tax and sales tax.
Principal is due
by February 1, 2024.
Promenade
TIF
$ 1,993,063
$ -
$ 1,993,063
$ -
$ -
TOTAL $ 1,993,063 $ - $ 1,993,063 $ - $ -
The repayment of the TIF note payable is based on incremental real estate tax and
sales tax received. As such, there is no debt service to maturity schedule.
The retirement of $1,993,063 includes $257,000 of principal retirement and the
remaining $1,736,063 balance extinguished. The Village closed the Promenade Tax
Increment Financing District as of December 31, 2023. Accordingly, the remaining
balance of the TIF note was written off by the Village and reported as a special item.
See Note 1n for additional details.
b. Leases
The Village entered into a fleet management lease agreement in October 2018. The
agreement covers various individual leases for the right-to-use vehicles and
equipment with varying lease terms. The leases have expirations dates ranging from
January 2024 to January 2028. Payments ranging from $203 to $3,945 are due in
monthly installments. Total intangible right-to-use assets acquired under the fleet
management agreement are $788,310.
The Village entered into a lease arrangement in June 2021, for the right -to-use
equipment. Payments of $36,513 are due in annual installments, through June 2024.
The total intangible right-to-use asset acquired under this agreement is $72,691.
The Village entered into a lease arrangement in January 2022, for the right -to-use
equipment. Payments ranging from $302,058 to $551,557 are due in annual
installments, through January 2028. The total intangible right-to-use assets acquired
under this agreement is $2,184,597.
- 37 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
b. Leases (Continued)
The annual requirements to amortize to maturity leases outstanding as of
December 31, 2023, are as follows:
Fiscal Year
Ending
Leases
December 31, Principal Interest
2024 $ 191,459 $ 15,227
2025 426,373 43,190
2026 417,932 31,132
2027 328,329 21,071
2028 542,305 13,197
TOTAL $ 1,906,398 $ 123,817
c. Subscription-Based Information Technology Arrangements
In accordance with GASB Statement No. 96, Subscription-Based Information
Technology Arrangements (SBITA), the Village’s SBITA activity is as follows:
The Village entered into a subscription-based information technology arrangement
(SBITA) in June 2022 for the right-to-use software. Payments of $49,872 are due in
annual installments, through June 2027. Total intangible right-to-use asset acquired
under this agreement is $188,590.
The Village entered into a SBITA in January 2023 for the right-to-use software.
Payments of $26,400 are due in annual installments, through December 2027. Total
intangible right-to-use asset acquired under this agreement is $128,841.
The Village entered into a SBITA in June 2023 for the right-to-use software.
Payments ranging from $44,921 to $54,413 are due in annual installments, through
August 2028. Total intangible right-to-use asset acquired under this agreement is
$220,820.
- 38 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
c. Subscription-Based Information Technology Arrangements (Continued)
Obligations of governmental activities under SBITA payable, including future
interest payments at December 31, 2023, were as follows:
Fiscal Year
Ending
SBITA
December 31, Principal Interest
2024 $ 108,838 $ 12,355
2025 112,124 9,069
2026 115,515 5,678
2027 69,125 2,196
TOTAL $ 405,602 $ 29,298
d. Legal Debt Margin
2022 assessed valuation (latest information available) $ 1,723,821,817
Legal debt limit - 8.625% of assessed valuation $ 148,679,632
Amount of debt applicable to debt limit -
LEGAL DEBT MARGIN $ 148,679,632
e. Changes in Long-Term Liabilities
During the fiscal year, the following changes occurred in liabilities reported in the
governmental activities:
Balances
January 1
(Restated*)
Additions
Reductions
Balances
December 31
Current
Portion
Notes payable $ 1,993,063 $ - $ 1,993,063 $ - $ -
Leases 2,202,005 456,977 752,584 1,906,398 191,459
SBITAs* 188,590 344,261 127,249 405,602 108,838
Installment contract - 411,256 95,588 315,668 78,917
Compensated absences 1,179,701 926,633 1,002,746 1,103,588 938,050
Net pension liability - IMRF - 4,278,414 - 4,278,414 -
Net pension liability - Police
Pension
32,258,636
-
1,478,946
30,779,690
-
Net pension liability -
Firefighters’ Pension
28,946,925
-
2,841,629
26,105,296
-
Total other postemployment
benefit liability
6,365,796
-
1,535,426
4,830,370
297,878
TOTAL GOVERNMENTAL
ACTIVITIES $ 73,134,716 $ 6,417,541 $ 9,827,231 $ 69,725,026 $ 1,615,142
- 39 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
e. Changes in Long-Term Liabilities (Continued)
The compensated absences for governmental activities typically have been liquidated
by the General Fund and the Infrastructure Fund. The net pension liabilities and total
other postemployment benefit liability have typically been liquidated by the General
Fund.
*Beginning balances for Governmental Activities were restated as part of the
implementation of GASB Statement No. 96, Subscription-Based Information
Technology Arrangements. See note 6c for additional information.
During the fiscal year, the following changes occurred in liabilities reported in the
business-type activities:
Balances
January 1
Issuances
Reductions
Balances
December 31
Current
Portion
Compensated absences $ 60,159 $ 73,440 $ 51,136 $ 82,463 $ 70,094
Net pension liability - IMRF - 988,235 - 988,235 -
Total other postemployment
benefit liability
425,973
-
102,744
323,229
19,986
Asset retirement obligation 300,000 - - 300,000 -
TOTAL BUSINESS-TYPE
ACTIVITIES
$ 786,132
$ 1,061,675
$ 153,880
$ 1,693,927
$ 90,080
f. Asset Retirement Obligations
The Village has recognized an asset retirement obligation (ARO) and related
deferred outflow of resources in connection with its obligation to seal and abandon
various deep water wells at the end of their estimated useful lives in accordance with
federal, state and/or local requirements. The ARO was measured using actual
historical costs for similar abandonments, adjusted for inflation through the end of
the year. The estimated remaining useful lives of the water wells is 100 years.
7. RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to , and
destruction of assets; errors and omissions; injuries to employees; illnesses of employees ;
and natural disasters.
The Village participates in the Intergovernmental Risk Management Agency (IRMA)
which is an organization of municipalities and special districts in Northeastern Illinois
which have formed an association under the Illinois Intergovernmental Cooperation ’s
Statute to pool its risk management needs. The Village pays annual premiums to IRMA for
its workers’ compensation, general liability, and property coverage.
- 40 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. RISK MANAGEMENT (Continued)
The Village assumes the first $2,500 of each occurrence, with IRMA having a mix of
self-insurance and commercial insurance at various amounts above that level. The Village
appoints one delegate, along with an alternate delegate, to represent the Village on the
Board of Directors. The Village does not exercise any control over the activities of IRMA
beyond its representation on the Board of Directors.
The Village, along with IRMA’s other members, has a contractual obligation to fund any
deficit of IRMA attributable to a membership year during which it was a member.
Supplemental contributions may be required to fund these deficits. No such contributions
have occurred during the past three years.
8. CONTINGENT LIABILITIES
a. Litigation
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, in the opinion of the Village ’s attorney, the
resolution of these matters will not have a material adverse effect on the financial
condition of the Village.
b. Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, constitute a liability of the applicable
funds. The amount, if any, of expenditures that may be disallowed by the grantor
cannot be determined at this time although the Village expects such amounts, if any,
to be immaterial.
c. DuPage Water Commission
The Village’s agreement with the DuPage Water Commission provides that each
member is liable for its proportionate share of any cost arising from defaults in
payment obligations by other members.
9. TAX ABATEMENTS
The Village through its Promenade Tax Incremental Financing District has entered into a
tax abatement agreement with a developer in the form of a tax incremental financing
incentive payment to further the growth of the Village, facilitate the redevelopment of the
entire Redevelopment Project Areas, stimulate redevelopment of other parcels in the
Butterfield/22nd Street corridor, increase the assessed valuation of the real estate situated
- 41 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. TAX ABATEMENTS (Continued)
within the Village, increase the sales tax revenues realized by the Village, foster increased
economic activity within the Village, and other be in the best interest of the Village by
furthering the health, safety, and welfare of its residents and taxpayers. The abatement is
authorized through the Redevelopment Project Area Plan Agreement. The developers pay
property taxes as they become due, and after meeting the criteria established in the
development agreements, are entitled to future incentive payments that directly correlate to
the taxes paid. The total payments made in 2023 and the total cumulative payments to date
are $336,793 and $6,757,007, respectively. Payments are made until the earlier of the date
the principal and interest on the note is paid in full or the end of the term, January 2, 2023.
The Promenade Tax Incremental Financing District was closed as of December 31, 2023,
and therefore, no further tax abatements are in place for the Village.
10. INDIVIDUAL FUND DISCLOSURES
Interfund Transfers
Interfund transfers between funds for the year ended December 31, 2023, were as follows:
Transfers
In
Transfers
Out
Major Governmental Funds
General Fund $ -
$ 996,604
Infrastructure Fund 1,000,000 -
Nonmajor Governmental Funds
Promenade TIF Fund - 503,396
Insurance Fund 500,000 -
TOTAL $ 1,500,000 $ 1,500,000
The purpose of significant transfers is as follows:
• $503,396 transferred out of the Promenade TIF Fund as a result of the Fund closing.
These funds were transferred to the Insurance Fund ($500,000) and the Infrastructure
Fund ($3,396). This transfer will not be repaid.
• $996,604 was transferred out of the General Fund to the Infrast ructure Fund to fund
infrastructure projects. This transfer will not be repaid.
- 42 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS
a. Plan Description
In addition to providing the pension benefits described, the Village provides
postemployment health care and life insurance benefits (OPEB) for retired
employees through a single-employer defined benefit plan. The benefits, benefit
levels, employee contributions, and employer contributions are governed by the
Village and can be amended by the Village through its personnel manual and union
contracts. The plan is not accounted for as a trust fund, as an irrevocable trust has not
been established to account for the plan. The plan does not issue a separate report.
The activity of the plan is reported in the Village ’s Self-Insurance Fund.
b. Benefits Provided
The Village provides postemployment health care benefits to its retirees and certain
disabled employees. To be eligible for benefits, an employee must qualify for
retirement under one of the Village’s retirement plans or meet COBRA
requirements. All health care benefits are provided through the Village’s self-insured
health plan. The benefit levels are the same as those afforded to active employees.
Benefits include general inpatient and outpatient medical services; mental, nervous,
and substance abuse care; vision care; and prescriptions. Upon a retiree reaching age
65 years, Medicare becomes the primary insurer and the Village ’s plan becomes
secondary. For certain disabled employees who qualify for health insurance benefits
under the Public Safety Employee Benefits Act (PSEBA), the Village is required to
pay 100% of the cost of basic health insurance for the employee and their dependents
for their lifetime.
c. Membership
At December 31, 2023, membership consisted of:
Inactive employees or their beneficiaries currently receiving benefits 26
Inactive employees entitled to but not yet receiving benefits -
Active plan members 129
TOTAL 155
Participating employers 1
d. Total OPEB Liability
The Village’s total OPEB liability of $5,153,599 was measured and determined by
an actuarial valuation as of December 31, 2023.
- 43 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Actuarial Assumptions and Other Inputs
The total OPEB liability at December 31, 20 23, was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the
measurement, unless otherwise specified. The total OPEB liability was rolled
forward by the actuary using updated procedures to December 31, 2023, including
updating the discount rate at December 31, 2023, as noted on the following page.
Actuarial cost method Entry-age normal
Actuarial value of assets Market value
Salary increases 2.75%
Discount rate 3.26%
Healthcare cost trend rates 8.00% Initial
4.50% Ultimate
The discount rate was based on The Bond Buyer 20-Bond GO Index, which is based
on an average of certain general obligation municipal bonds maturing in 20 years and
having an average rating equivalent of Moody’s Aa2 and Standard & Poor’s AA.
f. Changes in the Total OPEB Liability
Total OPEB
Liability
BALANCES AT JANUARY 1, 2023 $ 6,791,769
Changes for the period
Service cost 371,025
Interest 260,598
Differences between expected
and actual experience (2,483,121)
Assumption changes* 531,192
Benefit payments (317,864)
Net changes (1,638,170)
BALANCES AT DECEMBER 31, 2023 $ 5,153,599
*There were changes in assumptions related to the discount rate and healthcare cost
trend rates compared to the previous valuation .
- 44 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
g. Rate Sensitivity
The following is a sensitivity analysis of the total OPEB liability to changes in the
discount rate and the healthcare cost trend rate. The table below presents the total
OPEB liability of the Village calculated using the discount rate of 3.26% as well as
what the Village total OPEB liability would be if it were calculated using a discount
rate that is 1 percentage point lower (2.26%) or 1 percentage point higher (4.26%)
than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(2.26%) (3.26%) (4.26%)
Total OPEB liability $ 5,664,579 $ 5,153,599 $ 4,702,642
The table below presents the total OPEB liability of the Village calculated using the
healthcare rate of 8.00% to 4.50% as well as what the Village’s total OPEB liability
would be if it were calculated using a healthcare rate that is 1 percentage point lower
(7.00% to 3.50%) or 1 percentage point higher (9.00% to 5.50%) than the current
rate:
1% Decrease
Current
Healthcare Rate
1% Increase
(7.00% to 3.50%) (8.00% to 4.50%) (9.00% to 5.50%)
Total OPEB liability $ 4,542,994 $ 5,153,599 $ 5,904,455
h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the year ended December 31, 20 23, the Village recognized OPEB expense of
$326,850. At December 31, 2023, the Village reported deferred outflows of
resources and deferred inflows of resources related to OPEB from the following
sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 19,890 $ 2,832,046
Changes in assumptions 1,293,307 918,342
TOTAL $ 1,313,197 $ 3,750,388
- 45 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
Amounts reported as deferred outflows of resources and deferred inflows of
resources will be recognized in OPEB expense as follows:
Year Ending
December 31,
2024 $ (304,773)
2025 (304,773)
2026 (275,225)
2027 (310,597)
2028 (405,339)
Thereafter (836,484)
TOTAL $ (2,437,191)
12. DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal
Retirement Fund (IMRF), an agent multiple -employer public employee retirement system;
the Police Pension Plan, which is a single -employer pension plan; and the Firefighters’
Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels,
employee contributions, and employer contributions for all three plans are governed by
ILCS and can only be amended by the Illinois General Assembly. IMRF issues a publicly
available report that includes financial statements and supplementary information for the
plan as a whole, but not for individual employers. That report can be obtained from IMRF,
2211 York Road, Suite 500, Oak Brook, Illinois 60523 or at www.imrf.org. The Police and
Firefighters’ Pension Plans do not issue separate reports.
The table below is a summary for all pension plans as of and for the year ended
December 31, 2023:
Police Firefighters’
IMRF Pension Pension Total
Net pension liability $ 5,266,649 $ 30,779,690 $ 26,105,296 $ 62,151,635
Deferred outflows of
resources 4,661,996 7,457,138 3,348,948 15,468,082
Deferred inflows of
resources - 218,787 69,020 287,807
Pension expense/income 1,199,936 3,896,559 3,092,518 8,189,013
- 46 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions
Illinois Municipal Retirement Fund
Plan Administration
All employees (other than those covered by the Police and Firefighters’ Pension
Plans) hired in positions that meet or exceed the prescribed annual hourly standard
must be enrolled in IMRF as participating members.
The plan is accounted for on the economic resources measurement focus and the
accrual basis of accounting. Employer and employee contributions are recognized
when earned in the year that the contributions are required, benefits and refunds are
recognized as an expense and liability when due and payable.
Plan Membership
At December 31, 2022, IMRF membership consisted of:
Inactive employees or their beneficiaries currently receiving benefits 132
Inactive employees entitled to but not yet receiving benefits 81
Active employees 64
TOTAL 277
Benefits Provided
All employees (other than those covered by the Police or Firefighters ’ Pension Plans)
hired in positions that meet or exceed the prescribed annual hourly standard must be
enrolled in IMRF as participating members. IMRF provides two tiers of pension
benefits. Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits.
For Tier 1 employees, pension benefits vest after eight years of service. Participating
members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with
eight years of credited service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each
year of credited service up to 15 years, and 2% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For
Tier 2 employees, pension benefits vest after ten years of service. Participating
members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with
ten years of credited service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each
year of credited service up to 15 years, and 2% for each year thereafter. IMRF also
provides death and disability benefits. These benefit provisions and all are
established by state statute.
- 47 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Contributions
Participating members are required to contribute 4.50% of their annual salary to
IMRF. The Village is required to contribute the remaining amounts necessary to fund
IMRF as specified by statute. The required employer contribution rate for the year
ended December 31, 2023 was 8.16% of covered payroll. The actual employer
contribution rate for the year ended December 31, 2023 was 8.49% of covered
payroll due to certain Village employees reaching the wage cap for Tier 2
participants.
Actuarial Assumptions
The Village’s net pension liability was measured as of December 31, 2022 and the
total pension liability used to calculate the net pension liability was determined by an
actuarial valuation performed as of the same date using the following actuarial
methods and assumptions.
Actuarial valuation date December 31, 2022
Actuarial cost method Entry-age normal
Assumptions
Inflation 2.25%
Salary increases 2.85% to 13.75%
Cost of living adjustments 3.00%
Asset valuation method Fair value
For nondisabled retirees, the Pub-2010, Amount-Weighted, below-median income,
General, Retiree, Male (adjusted 106%) and Female (adjusted 105%) tables, and
future mortality improvements projected using scale MP -2020. For disabled retirees,
the Pub-2010, Amount-Weighted, below-median income, General, Disabled Retiree,
Male and Female (both unadjusted) tables, and future mortality improvements
projected using scale MP-2020. For active members, the Pub-2010, Amount-
Weighted, below-median income, General, Employee, Male and Female (both
unadjusted) tables, and future mortality improvements projected using scale MP -
2020.
- 48 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate
The discount rate used to measure the total pension liability at December 31, 2022
was 7.25%. The projection of cash flows used to determine the discount rate
assumed that member contributions will be made at the current contribution rate and
that the Village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the IMRF’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members.
Changes in the Net Pension Liability (Asset)
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net Pension
Liability
Liability Net Position (Asset)
BALANCES AT
JANUARY 1, 2022
$ 45,800,433
$ 50,829,221
$ (5,028,788)
Changes for the period
Service cost 449,159 - 449,159
Interest 3,233,154 - 3,233,154
Difference between expected
and actual experience 359,635 - 359,635
Changes in assumptions - - -
Employer contributions - 506,553 (506,553)
Employee contributions - 230,465 (230,465)
Net investment income - (6,912,633) 6,912,633
Benefit payments and refunds (2,859,564) (2,859,564) -
Other (net transfer) - (77,874) 77,874
Net changes 1,182,384 (9,113,053) 10,295,437
BALANCES AT
DECEMBER 31, 2022
$ 46,982,817
$ 41,716,168
$ 5,266,649
There were no changes in assumptions compared to the previous valuation.
- 49 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2023, the Village recognized pension expense of
$1,199,936.
At December 31, 2023, the Village reported deferred outflows of resources and
deferred inflows of resources related to IMRF from the following sources:
Deferred
Outflows of
Deferred
Inflows of
Resources Resources
Difference between expected and actual experience $ 462,073 $ -
Changes in assumption - -
Net difference between projected and actual earnings
on pension plan investments 3,729,144 -
Contributions subsequent to the measurement date 470,779 -
TOTAL $ 4,661,996 $ -
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to IMRF will be recognized in pension expense as follows:
$470,779 reported as deferred outflows of resources related to pensions resulting
from the Village contributions subsequent to the measurement date will be
recognized as a reduction of the net pension liability in the year ending
December 31, 2024. Other amounts reported as deferred outflows of resources and
deferred inflows of resources related to IMRF will be recognized in pension expense
as follows:
Year Ending
December 31,
2024 $ 211,001
2025 641,523
2026 1,235,095
2027 2,103,598
TOTAL $ 4,191,217
- 50 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the Village
calculated using the discount rate of 7.25% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (6.25%) or 1 percentage point higher (8.25%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(6.25%) (7.25%) (8.25%)
Net pension liability $ 10,333,446 $ 5,266,649 $ 1,165,433
Police Pension Plan
Plan Administration
Police sworn personnel are covered by the Police Pension Plan. Although this is a
single-employer pension plan, the defined benefits and employee and employer
contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3 -1) and
may be amended only by the Illinois legislature. The Village accounts for the plan as
a pension trust fund.
The plan is governed by a five-member Board of Trustees. Two members of the
Board of Trustees are appointed by the Village President, one member is elected by
pension beneficiaries, and two members are elected by active police employees.
Plan Membership
At December 31, 2023, the measurement date, membership consisted of:
Inactive plan members currently receiving benefits 48
Inactive plan members entitled to but not yet receiving benefits 12
Active plan members 42
TOTAL 102
- 51 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Benefits Provided
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of
50 or older with 20 or more years of creditable service are entitled to receive an
annual retirement benefit equal to one -half of the salary attached to the rank held on
the last day of service, or for one year prior to the last day, whichever is greater. The
annual benefit shall be increased by 2.50% of such salary for each additional year of
service over 20 years up to 30 years to a maximum of 75% of such salary.
Employees with at least eight years but less than 20 years of credited service may
retire at or after age 60 and receive 2.50% of salary for each year of service. The
monthly benefit shall be increased annually, following the first anniversary date of
retirement and be paid upon reaching the age of at least 55 years, by 3% of the
original pension, and 3% compounded annually thereafter.
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the greater of the average monthly salary obtaining by
dividing the total salary during the 48 consecutive months of service within the last
of 60 months in which the total salary was the highest by the number of months in
that period; or the average monthly salary obtained by dividing the total salary of the
police officer during the 96 consecutive months of service within the last 120 months
of service in which the total salary was the highest by the number of months of
service in that period. Police officers ’ salary for pension purposes is capped at
$106,800, plus the lesser of ½ of the annual change in the Consumer Price Index or
3% compounded. The annual benefit shall be increased by 2.50% of such salary for
each additional year of service over 20 years up to 30 years to a maximum of 75% of
such salary. Employees with at least ten years may retire at or after age 50 and
receive a reduced benefit (i.e., ½% for each month under 55). The monthly benefit of
a Tier 2 police officer shall be increased annually at age 60 on the January 1 st after
the police officer retires, or the first anniversary of the pension starting date,
whichever is later. Noncompounding increases occur annually, each January
thereafter. The increase is the lesser of 3% or ½ of the change in the Consumer Price
Index for the preceding calendar year.
- 52 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Contributions
Employees are required by ILCS to contribute 9.91% of their base salary to the
Police Pension Plan. If an employee leaves covered employment with less than
20 years of service, accumulated employee contributions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the plan and the administrative costs as actuarially determined
by an enrolled actuary. Effective January 1, 2011, the Village has until the year 2040
to fund 90% of the past service cost for the Police Pension Plan. The Village has
chosen a policy to fund 100% of the past service costs by 2040. For the year ended
December 31, 2023, the Village’s contribution was 66.22% of covered payroll.
Illinois Police Officers’ Pension Investment Fund
The Illinois Police Officers’ Pension Investment Fund (IPOPIF) is an investment
trust fund responsible for the consolidation and fiduciary management of the pension
assets of Illinois suburban and downstate police pension funds. IPOPIF was created
by Public Act 101-0610 and codified within the Illinois Pension Code, becoming
effective January 1, 2020, to streamline investments and eliminate unnecessary and
redundant administrative costs, thereby ensuring assets are available to fund pension
benefits for the beneficiaries of the participating pension funds as defined in 40 ILCS
5/22B-105. Participation in IPOPIF by Illinois suburban and downstate police
pension funds is mandatory.
Deposits with Financial Institutions
The plan retains all of its available cash with one financial institution. Available cash
is determined to be that amount which is required for the current expenditures of the
plan. The excess of available cash is required to be transferred to IPOPIF for
purposes of the long-term investment for the plan.
Custodial credit risk for deposits with financial institutions is the risk that in the
event of bank failure, the plan’s deposits may not be returned to it. The plan’s
investment policy requires pledging of collateral for all bank balances held in the
plan’s name in excess of federal depository insurance, at amounts ranging from
110% to 115% of the fair market value of the funds secured, with the collateral held
by an independent third party or the Federal Reserve Bank.
- 53 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Investments
Investments of the Plan are combined in a commingled external investment pool and
held by IPOPIF. A schedule of investment expenses is included in IPOPIF’s annual
report. For additional information on IPOPIF’s investments, please refer to their
annual report. A copy of that report can be obtained from IPOPIF at 456 Fulton
Street, Suite 402, Peoria, Illinois 61602 or at www.ipopif.org.
Fair Value Measurement
The plan categorizes fair value measurements within the fair value hierarchy
established by GAAP. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets
for identical assets; Level 2 inputs are significant other observable inputs; and Level
3 inputs are significant unobservable inputs. The Plan held no investments subject to
fair value measurement at December 31, 202 3.
Net Asset Value
The Net Asset Value (NAV) of the plan’s pooled investment in IPOPIF was
$41,675,815 at December 31, 2023. Investments in IPOPIF are valued at IPOPIF’s
share price, which is the price the investment could be sold. There are no unfunded
commitments at December 31, 2023. The plan may redeem shares with a seven
calendar day notice. IPOPIF may, at its sole discretion and based on circumstances,
process redemption requests with fewer than a seven calendar day notice. Regular
redemptions of the same amount on a particular day of the month may be arranged
with IPOPIF.
Investment Rate of Return
For the year ended December 31, 2023, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 13.70%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
- 54 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate
The discount rate used to measure the total pension liability at December 31, 2023
was 6.75%. The projection of cash flows used to determine the discount rate
assumed that member contributions will be made at the current contribution rate and
that the Village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the fund’s fiduciary net position was projected to be available to make
all projected future benefit payments of current plan members.
Changes in the Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net
Pension
Liability Net Position Liability
BALANCES AT
JANUARY 1, 2023
$ 72,486,028
$ 40,227,392
$ 32,258,636
Changes for the period
Service cost 1,010,891 - 1,010,891
Interest 4,833,744 - 4,833,744
Difference between expected
and actual experience 910,234 - 910,234
Changes in assumptions - - -
Changes in benefit terms (3,771,802) - (3,771,802)
Employer contributions - 2,847,989 (2,847,989)
Employee contributions - 545,052 (545,052)
Net investment income - 4,884,978 (4,884,978)
Benefit payments and refunds - (3,771,802) 3,771,802
Administrative expense - (44,204) 44,204
Net changes 2,983,067 4,462,013 (1,478,946)
BALANCES AT
DECEMBER 31, 2023
$ 75,469,095
$ 44,689,405
$ 30,779,690
As of December 31, 2023, the plan fiduciary net position was 59.22% of the Total
Pension Liability.
- 55 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation using the
following actuarial methods and assumptions.
Actuarial valuation date December 31, 2023
Actuarial cost method Entry-age normal
Assumptions
Inflation 2.50%
Salary increases 3.50% to 11.00%
Interest rate 6.75%
Cost of living adjustments 3.00%
Asset valuation method Fair value
The Pub-2010 Public Safety Employee Mortality Table without adjustment, with
generational improvement scale MP-2021 applied from 2010 was used to measure
mortality rates.
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the Village
calculated using the discount rate of 6.75% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (5.75%) or 1 percentage point higher (7.75%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(5.75%) (6.75%) (7.75%)
Net pension liability $ 41,041,870 $ 30,779,690 $ 22,396,099
- 56 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2023, the Village recognized pension expense of
$3,896,559. At December 31, 2023, the Village reported deferred outflows of
resources and deferred inflows of resources related to the police pension from the
following sources:
Deferred
Outflows of
Deferred
Inflows of
Resources Resources
Difference between expected and actual experience $ 2,375,146 $ 139,784
Changes in assumptions 1,237,423 79,003
Net difference between projected and actual earnings
on pension plan investments 3,844,569 -
TOTAL $ 7,457,138 $ 218,787
Changes in the net pension liability related to the difference in actual and expected
experience, or changes in assumptions regarding future events, are recognized in
pension expense over the expected remaining service life of all employees (active
and retired) in the plan. Differences in projected and actual earnings over the
measurement period are recognized over a five-year period.
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to the police pension will be recognized in pension expense as
follows:
Year Ending
December 31,
2024 $ 1,971,960
2025 2,511,372
2026 3,009,753
2027 (254,734)
TOTAL $ 7,238,351
- 57 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan
Plan Administration
Firefighter sworn personnel are covered by the Firefighters’ Pension Plan, a
single-employer defined benefit pension plan sponsored by the Village. The defined
benefits and employee and minimum employer contribution levels are governed by
Illinois Compiled Statutes (40 ILCS 5/4-101) and may be amended only by the
Illinois legislature. The Village accounts for the Firefighters’ Pension Plan as a
pension trust fund.
The plan is governed by a five-member Board of Trustees. Two members of the
Board of Trustees are appointed by the Village President, one member is elected by
pension beneficiaries, and two members are elected by active firefighter employees.
Plan Membership
At December 31, 2023, the measurement date, membership consisted of:
Inactive plan members currently receiving benefits 47
Inactive plan members entitled to but not yet receiving benefits 7
Active plan members 31
TOTAL 85
Benefits Provided
The following is a summary of benefits of the plan as provided for in ILCS:
The Firefighters’ Pension Plan provides retirement benefits as well as death and
disability benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining
the age of 50 or older with 20 or more years of creditable service are entitled to
receive an annual retirement benefit equal to one -half of the salary attached to the
rank held at the date of retirement. The annual be nefit shall be increased by 2.50% of
such salary for each additional year of service over 20 years up t o 30 years to a
maximum of 75% of such salary. Employees with at least ten years but less than
20 years of credited service may retire at or after age 60 and receive a reduced
benefit. The monthly benefit shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the a ge of at least 55 years,
by 3% of the original pension, and 3% compounded annually thereafter.
- 58 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Benefits Provided (Continued)
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the average monthly salary obtained by dividing the total
salary of the firefighter during the 96 consecutive months of service within the last
120 months of service in which the total salary was the highest by the number of
months of service in that period. Firefighters ’ salary for pension purposes is capped
at $106,800, plus the lesser of ½ of the annual change in the Consumer Price Index
or 3% compounded. The annual benefit shall be increased by 2.50% of such salary
for each additional year of service over 20 years up to 30 years to a maximum of
75% of such salary. Employees with at least ten years may retire at or after age 50
and receive a reduced benefit (i.e., ½% for each month under 55). The monthly
benefit of a Tier 2 firefighter shall be increased annually at age 60 on the January 1st
after the firefighter retires, or the first anniversary of the pension starting date,
whichever is later. Noncompounding increases occur annually, each
January thereafter. The increase is the lesser of 3% or ½ of the change in the
Consumer Price Index for the proceeding calendar year.
Contributions
Covered employees are required to contribute 9.455% of their base salary to the
Firefighters’ Pension Plan. If an employee leaves covered employment with fewer
than 20 years of service, accumulated employee contributions may be refunded
without accumulated interest. Contributions are recognized when due pursuant to
formal commitments, as well as statutory or contractual requirements. Benefits and
refunds are recognized when due and payable in accordance with the terms of the
Firefighters’ Pension Plan. The costs of administering the Firefighters’ Pension Plan
are financed through investment earnings. The Village is required to finance the
Firefighters’ Pension Plan as actuarially determined by an enrolled actuary. Effective
January 1, 2011, the Village has until the year 2040 to fund 90% of the past service
cost for the Firefighters’ Pension Plan. The Village has chosen a policy to fund 100%
of the past service costs by 2040. For the year ended December 31, 2023, the
Village’s contribution was 92.57% of covered payroll.
- 59 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Illinois Firefighters’ Pension Investment Fund
The Illinois Firefighters’ Pension Investment Fund (IFPIF) is an investment trust
fund responsible for the consolidation and fiduciary management of the pension
assets of Illinois suburban and downstate firefighter pension funds. IFPIF was
created by Public Act 101-0610, and codified within the Illinois Pension Code,
becoming effective January 1, 2020, to streamline investments and eliminate
unnecessary and redundant administrative costs, thereby ensuring assets are available
to fund pension benefits for the beneficiaries of the participating pension funds.
Participation in IFPIF by Illinois suburban and downstate firefighter pension funds is
mandatory.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank failure, the Firefighters’ Pension Fund’s deposits may not be
returned to it. The Firefighters’ Pension Fund’s investment policy does not require
pledging of collateral for its deposits in excess of federal depository insurance.
However, all deposits at December 31, 2023 are covered by federal depository
insurance.
Investments
Investments of the plan are combined in a commingled external investment pool and
held by IFPIF. A schedule of investment expenses is included in IFPIF’s annual
report. For additional information on IFPIF’s investments, please refer to their
annual report. A copy of that report can be obtained from IFPIF at 1919 South
Highland Avenue, Building A, Suite 237, Lombard, IL 60148 or at www.ifpif.org.
Fair Value Measurement
The plan categorizes fair value measurements within the fair value hierarchy
established by GAAP. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets
for identical assets; Level 2 inputs are significant other observable inputs; and Level
3 inputs are significant unobservable inputs. The plan held no investments subject to
fair value measurement at December 31, 2023.
- 60 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Net Asset Value
The Net Asset Value (NAV) of the plan’s pooled investment in IFPIF was
$34,448,588 at December 31, 2023 The pooled investments consist of the
investments as noted in the target allocation table available at www.ifpif.org.
Investments in IFPIF are valued at IFPIF’s share price, which is the price the
investment could be sold. There are no unfunded commitments at December 31,
2023. The plan may redeem shares by giving notice by 5:00 pm central time on the
1st of each month. Requests properly submitted on or before the 1 st of each month
will be processed for redemption by the 14 th of the month. Expedited redemptions
may be processed at the sole discretion of IFPIF.
Investment Policy
IFPIF’s current investment policy was adopted by the Board of Trustees on June 17,
2022. IFPIF is authorized to invest in all investments allowed by ILCS. The IFPIF
shall not be subject to any of the limitations applicable to investments of pension
fund assets currently held by the transferor pension funds under Sections 1 -113.1
through 1-113.12 or Article 4 of the Illinois Pension Code.
Rate of Return
For the year ended December 31, 202 3, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment ex pense, was 15.50%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Discount Rate
The discount rate used to measure the total pension liability at December 31, 2023
was 6.75%. The projection of cash flows used to determine the discount rate
assumed that member contributions will be made at the current contribution rate and
that the Village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the fund’s fiduciary net position was projected to be available to make
all projected future benefit payments of current plan members.
- 61 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Changes in the Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net
Pension
Liability Net Position Liability
BALANCES AT
JANUARY 1, 2023
$ 59,739,608
$ 30,792,683
$ 28,946,925
Changes for the period
Service cost 793,365 - 793,365
Interest 3,971,907 - 3,971,907
Difference between expected
and actual experience (78,159) - (78,159)
Changes in assumptions - - -
Changes in benefit terms - - -
Employer contributions - 2,754,407 (2,754,407)
Employee contributions - 300,356 (300,356)
Net investment income - 4,522,109 (4,522,109)
Benefit payments and refunds (3,379,811) (3,379,811) -
Administrative expense - (48,130) 48,130
Net changes 1,307,302 4,148,931 (2,841,629)
BALANCES AT
DECEMBER 31, 2023
$ 61,046,910
$ 34,941,614
$ 26,105,296
As of December 31, 2023, the plan fiduciary net position was 57.24% of the Total
Pension Liability.
- 62 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation using the
following actuarial methods and assumptions.
Actuarial valuation date December 31, 2023
Actuarial cost method Entry-age normal
Assumptions
Inflation 2.25%
Salary increases 4.00% to 12.50%
Interest rate 6.75%
Cost of living adjustments 3.00%
Asset valuation method Fair value
The Pub-2010 Public Safety Employee Mortality Table without adjustment, with
generational improvement scale MP-2020 applied from 2010 was used to measure
mortality rates.
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the Village
calculated using the discount rate of 6.75% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (5.75%) or 1 percentage point higher (7.75%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(5.75%) (6.75%) (7.75%)
Net pension liability $ 33,954,599 $ 26,105,296 $ 19,640,807
- 63 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2023, the Village recognized pension expense of
$3,092,518. At December 31, 2023, the Village reported deferred outflows of
resources and deferred inflows of resources related to the firefighters’ pension from
the following sources:
Deferred
Outflows of
Deferred
Inflows of
Resources Resources
Difference between expected and actual experience $ 550,622 $ 69,020
Changes in assumption 631,119 -
Net difference between projected and actual earnings
on pension plan investments 2,167,207 -
TOTAL $ 3,348,948 $ 69,020
Changes in the net pension liability related to the difference in actual and expected
experience, or changes in assumptions regarding future events, are recognized in
pension expense over the expected remaining service life of all employees (active
and retired) in the plan. Differences in projected and actual earnings over the
measurement period are recognized over a five-year period.
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to the firefighters’ pension will be recognized in pension expense
as follows:
Year Ending
December 31,
2024 $ 1,281,729
2025 1,224,264
2026 1,265,173
2027 (491,238)
TOTAL $ 3,279,928
- 64 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
b. Fiduciary Funds Summary Financial Information
The following is summary financial information for the Police Pension Plan and the
Firefighters’ Pension Plan.
Statement of Net Position
Police
Pension
Firefighters’
Pension
Total
ASSETS
Cash and short-term investments $ 3,019,825 $ 489,638 $ 3,509,463
Investments held in the
Illinois Police Officer’s
Pension Investment Fund 41,675,815 - 41,675,815
Investments held in the
Illinois Firefighter’s
Pension Investment Fund - 34,448,588 34,448,588
Prepaid items 3,295 4,603 7,897
Total assets 44,698,935 34,942,829 79,641,764
LIABILITIES
Accounts payable 9,530 1,215 10,745
Total liabilities 9,530 1,215 10,745
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS $ 44,689,405 $ 34,941,614 $ 79,631,019
- 65 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
b. Fiduciary Funds Summary Financial Information (Continued)
Changes in Plan Net Position
Police
Pension
Firefighters’
Pension
Total
ADDITIONS
Contributions
Employer $ 2,847,989 $ 2,754,407 $ 5,602,396
Employee 545,052 300,356 845,408
Total contributions 3,393,041 3,054,763 6,447,804
Investment income
Net appreciation in fair
value of investments 4,643,812 3,992,445 8,636,257
Interest 295,331 570,068 865,399
Total investment income 4,939,143 4,562,513 9,501,656
Less investment expense (54,165) (40,404) (94,569)
Net investment income 4,884,978 4,522,109 9,407,087
Total additions 8,278,019 7,576,872 15,854,891
DEDUCTIONS
Benefits and refunds 3,771,802 3,379,811 7,151,613
Administrative expenses 44,204 48,130 92,334
Total deductions 3,816,006 3,427,941 7,243,947
NET INCREASE 4,462,013 4,148,931 8,610,944
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS
January 1 40,227,392 30,792,683 71,020,075
December 31 $ 44,689,405 $ 34,941,614 $ 79,631,019
- 66 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. SPORTS CORE ATHLETIC FIELDS
As of January 25, 2022, the Village entered into an agreement with a private company
(PC) to outsource the operations of the Village owned Sports Core Athletic Fields,
consisting of a serios of soccer fields and other athletic fields. PC has access to manage,
operate, maintain, and promote the athletic fields. PC agrees to pay the Village a fee of
$94,000 in the first year of operations and $100,000 each year thereafter. In addition , PC
agrees to pay the Village for maintenance costs of $70,000 to $74,000 annually, through
2026.
Beginning in year two and subsequent years of the contractual agreement, PC agrees to pay
monthly payments in the amount of one-ninth of the total amount of guaranteed revenues
and maintained costs due in each respective year. Additionally, if PC realizes gross
revenues in excess of $300,000 during any fiscal year, PAM shall pay $75% of such excess
amount of gross revenues to the Village. The Village did not receive any variable
payments during the year ended December 31, 2023. As of January 1, 2023, the Village
reported a receivable of and deferred inflow of resources in the amount of $371,854
(discounted using a rate of 3.41%). For the year ended December 31, 2023, the Village
recognized a reduction of the receivable $88,274 and a reduction of the deferred inflow of
resources in the amount of $92,963.
14. LESSOR DISCLOSURES
In accordance with GASB Statement No. 87, Leases, the Village’s lessor disclosures are as
follows:
The Village entered a lease agreement in January 202 3, to lease space for a golf range.
Payments of $80,000 are due to the Village in annual installments, through April 2036.
The lease agreement is noncancelable and maintains an interest rate of 1.79%.
The Village entered a lease agreement in February 202 3, to lease property. Payments
ranging from $1,000 to $2,500 are due to the Village in monthly installments, through
December 2026. The lease agreement is noncancelable and maintains an interest rate of
0.89%.
The Village entered a lease agreement in September 2021, to lease space on a cell tower
for the placement of cellular communications equipment. Payments ranging from $3,360 to
$5,082 are due to the Village in monthly installments, through August 2036. The lease
agreement is noncancelable and maintains an interest rate of 1.79%.
The Village entered a lease agreement in September 2018, to lease space on a cell tower
for the placement of cellular communications equipment. Payments ranging from $2,185 to
$4,066 are due to the Village in monthly installments, through August 2043. The lease
agreement is noncancelable and maintains an interest rate of 2.09%.
- 67 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. LESSOR DISCLOSURES (Continued)
The Village entered a lease agreement in May 2000, to lease space on a cell tower for the
placement of cellular communications equipment. Payments ranging from $4,929 to
$5,127 are due to the Village in monthly installments, through April 2023. The lease
agreement is noncancelable and maintains an interest rate of 0.31%. This lease ended
during the fiscal year.
The Village entered a lease agreement in March 2009, to lease space on a cell tower for the
placement of cellular communications equipment. Payments ranging from $3,137 to
$5,184 are due to the Village in monthly installments, through February 2039. The lease
agreement is noncancelable and maintains an interest rate of 1.88%.
The Village entered a lease agreement in April 2018, to lease space on a cell tower for the
placement of cellular communications equipment. Payments ranging from $2,500 to
$5,251 are due to the Village in monthly installments, through March 2048. The lease
agreement is noncancelable and maintains an interest rate of 2.19%.
During the year, the Village recognized lease revenue of $169,409 and interest revenue of
$55,050 related to leases.
15. CHANGE IN ACCOUNTING PRINCIPLE
The Village adopted GASB Statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements, which addresses issues related to
accounting and reporting for public-private and public-public partnership arrangements
(PPPs). A receivable and deferred inflow in the amount of $371,854 were recorded as of
January 1, 2023.
The Village adopted GASB Statement No. 96, Subscription-Based Information Technology
Arrangements, which provides guidance on the accounting and financial reporting for
SBITAs for government end users. A SBITA liability and SBITA right-to-use asset in the
amount of $188,590 were recorded as of January 1, 2023.
- 68 -
REQUIRED SUPPLEMENTARY INFORMATION
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Intergovernmental 17,961,562$ 20,768,760$ 20,786,724$ 17,964$
Utility taxes 5,623,000 4,286,590 4,286,590 -
Licenses and permits 1,950,485 3,834,611 3,843,934 9,323
Charges for services 2,137,621 2,998,929 2,714,860 (284,069)
Fines and penalties 313,500 240,760 244,617 3,857
Investment income 200,000 1,811,615 1,866,677 55,062
Miscellaneous 219,800 257,725 748,691 490,966
Total revenues 28,405,968 34,198,990 34,492,093 293,103
EXPENDITURES
Current
General government 4,978,203 4,930,742 4,826,926 (103,816)
Public safety 19,436,355 20,505,953 21,407,378 901,425
Public works 2,930,766 2,631,784 2,631,784 -
Culture and recreation 1,075,680 1,082,354 1,082,354 -
Debt service
Pricipal - - 222,837 222,837
Interest and fees - - 3,436 3,436
Total expenditures 28,421,004 29,150,833 30,174,715 1,023,882
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (15,036) 5,048,157 4,317,378 (730,779)
OTHER FINANCING SOURCES (USES)
Transfers (out)- (1,500,000) (996,604) 503,396
SBITA issuance - - 344,261 344,261
Installment contract issuance - - 411,256 411,256
Total other financing sources (uses) - (1,500,000) (241,087) 1,258,913
NET CHANGE IN FUND BALANCE (15,036)$ 3,548,157$ 4,076,291 528,134$
FUND BALANCE, JANUARY 1 38,507,903
FUND BALANCE, DECEMBER 31 42,584,194$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 69 -
FISCAL YEAR ENDED DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 732,952$ 715,497$ 723,635$ 611,935$ 647,428$ 544,333$ 663,595$ 629,910$ 506,553$ 470,779$
Contributions in relation to the actuarially
determined contribution 749,983 715,089 723,634 645,761 647,429 562,006 663,595 629,910 506,553 470,779
CONTRIBUTION DEFICIENCY (Excess)(17,031)$ 408$ 1$ (33,826)$ (1)$ (17,673)$ -$ -$ -$ -$
Covered payroll 5,168,916$ 5,230,241$ 5,400,260$ 4,875,980$ 4,930,905$ 5,347,086$ 5,352,529$ 5,214,013$ 5,133,577$ 5,547,439$
Contributions as a percentage of
covered payroll 14.51%13.67%13.40%13.24%13.13%10.51%12.40%12.08%9.87%8.49%
Notes to Required Supplementary Information
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will be presented for as many years as is available.
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Last Ten Fiscal Years
ILLINOIS MUNICIPAL RETIREMENT FUND
The information presented was determined as part of the actuarial valuation as of January 1 of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows:the
actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed,and the amortization period was 21 years;the asset valuation method was five-year smoothed fair
value;and the significant actuarial assumptions were an investment rate of return at 7.25%annually,projected salary increases assumption of 2.85%to 13.75%compounded annually,and postretirement
benefit increases of 2.25% compounded annually.
(See independent auditor's report.)
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FISCAL YEAR ENDED DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 1,485,673$ 1,550,233$ 1,708,330$ 1,748,025$ 1,946,714$ 2,057,112$ 2,169,845$ 2,133,229$ 2,097,159$ 2,679,240$
Contribution in relation to the actuarially
determined contribution 1,259,824 1,336,683 1,527,927 1,748,025 1,946,714 2,057,112 1,803,644 2,133,229 2,052,526 2,847,989
CONTRIBUTION DEFICIENCY (Excess)225,849$ 213,550$ 180,403$ -$ -$ -$ 366,201$ -$ 44,633$ (168,749)$
Covered payroll 3,598,016$ 3,631,184$ 3,735,548$ 3,829,224$ 3,892,216$ 3,849,863$ 3,932,044$ 4,179,054$ 4,221,825$ 4,300,995$
Contributions as a percentage of
covered payroll 35.01%36.81%40.90%45.65%50.02%53.43%45.87%51.05%48.62%66.22%
Notes to the Required Supplementary Information
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
VILLAGE OF OAK BROOK, ILLINOIS
Last Ten Fiscal Years
The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows:the
actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed,and the amortization period was 18 years;the asset valuation method was at fair value;and the
significant actuarial assumptions were an investment rate of return of 6.75%annually,projected salary increase assumption of 3.50%to 11.00%(varying by service),and postretirement benefit increases of
3.00% compounded annually.
(See independent auditor's report.)
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FISCAL YEAR ENDED DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 1,698,405$ 1,826,637$ 2,015,441$ 2,080,231$ 2,064,689$ 2,150,924$ 2,194,631$ 2,173,496$ 2,316,400$ 2,480,119$
Contribution in relation to the actuarially
determined contribution 1,570,742 1,414,530 1,801,476 2,080,231 2,064,689 2,150,924 1,834,554 2,173,496 2,252,102 2,754,407
CONTRIBUTION DEFICIENCY (Excess)127,663$ 412,107$ 213,965$ -$ -$ -$ 360,077$ -$ 64,298$ (274,288)$
Covered payroll 2,674,017$ 2,818,219$ 2,812,001$ 2,918,844$ 3,085,809$ 3,187,983$ 3,179,407$ 3,240,175$ 2,974,486$ 2,975,539$
Contributions as a percentage of
58.74%50.19%64.06%71.27%66.91%67.47%57.70%67.08%75.71%92.57%
Notes to the Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows:the
actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed,and the amortization period was 18 years;the asset valuation method was at fair value;and the
significant actuarial assumptions were an investment rate of return of 6.75%annually,projected salary increase assumption of 4.00%to 12.50%(varying by service),and postretirement benefit increases of
3.00% compounded annually.
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTERS' PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Last Ten Fiscal Years
covered payroll
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022
TOTAL PENSION LIABILITY
Service cost 613,861$ 581,062$ 558,199$ 524,438$ 465,011$ 516,338$ 544,020$ 522,291$ 449,159$
Interest 2,465,082 2,615,047 2,706,946 2,837,540 2,799,690 2,922,546 3,052,150 3,060,021 3,233,154
Changes of benefit terms - - - - - - - - -
Differences between expected
and actual experience (770,401) (398,570) 243,794 (677,198) 711,157 389,071 (889,544) 1,476,988 359,635
Changes of assumptions 1,163,670 89,849 (135,521) (1,138,825) 1,073,505 - (341,628) - -
Benefit payments, including refunds
of member contributions (1,353,166) (1,466,273) (1,638,204) (1,882,278) (2,159,539) (2,026,957) (2,081,335) (2,409,813) (2,859,564)
Net change in total pension liability 2,119,046 1,421,115 1,735,214 (336,323) 2,889,824 1,800,998 283,663 2,649,487 1,182,384
Total pension liability - beginning 33,237,409 35,356,455 36,777,570 38,512,784 38,176,461 41,066,285 42,867,283 43,150,946 45,800,433
TOTAL PENSION LIABILITY - ENDING 35,356,455$ 36,777,570$ 38,512,784$ 38,176,461$ 41,066,285$ 42,867,283$ 43,150,946$ 45,800,433$ 46,982,817$
PLAN FIDUCIARY NET POSITION
Contributions - employer 749,983$ 715,089$ 723,634$ 645,761$ 647,429$ 562,006$ 663,595$ 629,048$ 506,553$
Contributions - member 238,409 238,021 243,012 348,030 222,216 240,618 252,942 234,051 230,465
Net investment income 1,874,762 159,375 2,199,050 5,792,968 (2,162,333) 6,770,446 5,960,124 7,531,947 (6,912,633)
Benefit payments, including refunds
of member contributions (1,353,166) (1,466,273) (1,638,204) (1,882,278) (2,159,539) (2,026,957) (2,081,335) (2,409,813) (2,859,564)
Other (294,611) 63,416 247,674 (989,852) 1,282,342 (7,610) (1,007,512) 156,571 (77,874)
Net change in plan fiduciary net position 1,215,377 (290,372) 1,775,166 3,914,629 (2,169,885) 5,538,503 3,787,814 6,141,804 (9,113,053)
Plan fiduciary net position - beginning 30,916,185 32,131,562 31,841,190 33,616,356 37,530,985 35,361,100 40,899,603 44,687,417 50,829,221
PLAN FIDUCIARY NET POSITION - ENDING 32,131,562$ 31,841,190$ 33,616,356$ 37,530,985$ 35,361,100$ 40,899,603$ 44,687,417$ 50,829,221$ 41,716,168$
EMPLOYER'S NET PENSION LIABILITY (ASSET)3,224,893$ 4,936,380$ 4,896,428$ 645,476$ 5,705,185$ 1,967,680$ (1,536,471)$ (5,028,788)$ 5,266,649$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
ILLINOIS MUNICIPAL RETIREMENT FUND
Last Nine Fiscal Years
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022
Plan fiduciary net position
as a percentage of the total pension liability 90.88%86.58%87.29%98.31%86.11%95.41%103.56%110.98%88.79%
Covered payroll 5,168,916$ 5,230,241$ 5,400,260$ 4,875,980$ 4,930,905$ 5,347,086$ 5,342,954$ 5,199,032$ 5,199,032$
Employer's net pension liability (asset)
as a percentage of covered payroll 62.39%94.38%90.67%13.24%115.70%36.80%(28.76%)(96.73%)101.30%
2015 - changes in assumptions related to investment rate of return, retirement age, and mortality rates
2016 - changes in assumptions related to retirement age and mortality rates
2017 - changes in assumptions related to inflation rates, salary rates, and mortality rates
2018 - changes in assumptions related to the investment rate of return
2020 - changes in assumptions related to the inflation rates, salary rates, mortality rates, and investment rate of return
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will be presented for as many years as is available.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TOTAL PENSION LIABILITY
Service cost 826,067$ 816,276$ 800,389$ 833,296$ 890,871$ 852,541$ 869,540$ 925,403$ 931,194$ 1,010,891$
Interest 3,141,175 3,338,238 3,563,145 3,650,633 3,902,722 4,041,408 4,215,181 4,277,325 4,404,897 4,833,744
Changes of benefit terms - - - - - 63,841 - - - -
Differences between expected
and actual experience 1,279,682 (48,037) (856,825) (347,589) 199,802 778,897 (698,928) 220,178 2,598,147 910,234
Changes to actuarial assumptions - 1,597,133 96,439 1,964,218 (182,060) (196,672) (324,515) (35,250) 2,062,373 -
Benefit payments, including refunds
of member contributions (2,288,693) (2,346,686) (2,364,839) (2,315,047) (2,531,903) (2,904,890) (3,060,323) (3,332,676) (3,674,259) (3,771,802)
Net change in total pension liability 2,958,231 3,356,924 1,238,309 3,785,511 2,279,432 2,635,125 1,000,955 2,054,980 6,322,352 2,983,067
Total pension liability - beginning 46,854,212 49,812,440 53,169,364 54,407,673 58,193,184 60,472,616 63,107,741 64,108,696 66,163,676 72,486,028
TOTAL PENSION LIABILITY - ENDING 49,812,443$ 53,169,364$ 54,407,673$ 58,193,184$ 60,472,616$ 63,107,741$ 64,108,696$ 66,163,676$ 72,486,028$ 75,469,095$
PLAN FIDUCIARY NET POSITION
Contributions - employer 1,259,824$ 1,336,683$ 1,527,927$ 1,748,025$ 1,946,714$ 2,057,112$ 1,803,644$ 2,133,229$ 2,052,526$ 2,847,989$
Contributions - member 358,339 358,499 383,238 386,727 410,316 378,699 521,151 572,232 396,203 545,052
Net investment income 1,115,158 (429,967) 2,176,018 4,461,837 (2,385,632) 6,529,172 4,427,403 5,680,397 (8,340,710) 4,884,978
Benefit payments, including refunds
of member contributions (2,288,693) (2,346,686) (2,364,839) (2,315,047) (2,531,903) (2,904,890) (3,060,323) (3,332,676) (3,674,259) (3,771,802)
Administrative expense (47,609) (38,647) (39,522) (35,776) (54,667) (41,392) (38,098) (52,226) (44,446) (44,204)
Net change in plan fiduciary net position 397,019 (1,120,118)1,682,822 4,245,766 (2,615,172) 6,018,701 3,653,777 5,000,956 (9,610,686) 4,462,013
Plan fiduciary net position - beginning 32,574,327 32,971,346 31,851,228 33,534,050 37,779,816 35,164,644 41,183,345 44,837,122 49,838,078 40,227,392
PLAN FIDUCIARY NET POSITION - ENDING 32,971,346$ 31,851,228$ 33,534,050$ 37,779,816$ 35,164,644$ 41,183,345$ 44,837,122$ 49,838,078$ 40,227,392$ 44,689,405$
EMPLOYER'S NET PENSION LIABILITY 16,841,097$ 21,318,136$ 20,873,623$ 20,413,368$ 25,307,972$ 21,924,396$ 19,271,574$ 16,325,598$ 32,258,636$ 30,779,690$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
Last Ten Fiscal Years
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Plan fiduciary net position
as a percentage of the total pension liability 66.19%59.91%61.63%64.92%58.15%65.26%69.94%75.33%55.50%59.22%
Covered payroll 3,631,184$ 3,735,548$ 3,829,224$ 3,892,216$ 3,849,863$ 3,932,044$ 4,179,054$ 4,221,825$ 4,300,995$ 4,580,309$
Employer's net pension liability
as a percentage of covered payroll 463.79%570.68%545.11%524.47%657.37%557.58%461.15%386.70%750.03%672.00%
Changes in assumption from 2015 - 2021 relate to changes in mortality rates.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TOTAL PENSION LIABILITY
Service cost 746,748$ 746,748$ 756,771$ 782,892$ 786,115$ 807,975$ 818,358$ 808,944$ 801,777$ 793,365$
Interest 2,926,848 3,040,301 3,229,650 3,287,875 3,347,278 3,420,108 3,489,011 3,570,069 3,800,750 3,971,907
Changes of benefit terms - - - - - 64,336 - - - -
Differences between expected
and actual experience 507,637 163,758 (569,891) (768,292) (96,554) (139,992) 327,007 (41,604) 1,101,246 (78,159)
Changes to actuarial assumptions - 1,474,675 90,432 300,225 (156,879) (175,274) (307,978) 2,275,678 124,403 -
Benefit payments, including refunds
of member contributions (2,385,491) (2,615,406) (2,645,270) (2,695,712) (2,756,038) (2,889,667) (3,043,861) (3,188,405) (3,188,405) (3,379,811)
Net change in total pension liability 1,795,742 2,810,076 861,692 906,988 1,123,922 1,087,486 1,282,537 3,424,682 2,639,771 1,307,302
Total pension liability - beginning 43,806,712 45,602,454 48,412,530 49,274,222 50,181,210 51,305,132 52,392,618 53,675,155 57,099,837 59,739,608
TOTAL PENSION LIABILITY - ENDING 45,602,454$ 48,412,530$ 49,274,222$ 50,181,210$ 51,305,132$ 52,392,618$ 53,675,155$ 57,099,837$ 59,739,608$ 61,046,910$
PLAN FIDUCIARY NET POSITION
Contributions - employer 1,570,742$ 1,414,530$ 1,801,476$ 2,080,231$ 2,064,689$ 2,150,924$ 1,834,554$ 2,173,496$ 2,252,102$ 2,754,407$
Contributions - member 267,458 269,349 273,775 295,477 300,087 308,176 317,505 332,919 299,887 300,356
Net investment income 1,178,816 (256,566) 1,794,320 3,459,107 (1,255,489) 4,971,530 4,559,197 4,041,581 (6,349,869) 4,522,109
Benefit payments, including refunds
of member contributions (2,385,491) (2,615,406) (2,645,270) (2,695,712) (2,756,038) (2,889,667) (3,043,861) (3,188,405) (3,188,405) (3,379,811)
Administrative expense (75,386) (46,351) (40,567) (41,034) (45,569) (45,897) (43,590) (62,320) (38,343) (48,130)
Net change in plan fiduciary net position 556,139 (1,234,444)1,183,734 3,098,069 (1,692,320) 4,495,066 3,623,805 3,297,271 (7,024,628) 4,148,931
Plan fiduciary net position - beginning 24,489,991 25,046,130 23,811,686 24,995,420 28,093,489 26,401,169 30,896,235 34,520,040 37,817,311 30,792,683
PLAN FIDUCIARY NET POSITION - ENDING 25,046,130$ 23,811,686$ 24,995,420$ 28,093,489$ 26,401,169$ 30,896,235$ 34,520,040$ 37,817,311$ 30,792,683$ 34,941,614$
EMPLOYER'S NET PENSION LIABILITY 20,556,324$ 24,600,844$ 24,278,802$ 22,087,721$ 24,903,963$ 21,496,383$ 19,155,115$ 19,282,526$ 28,946,925$ 26,105,296$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
FIREFIGHTERS' PENSION FUND
Last Ten Fiscal Years
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Plan fiduciary net position
as a percentage of the total pension liability 54.92%49.18%50.73%55.98%51.46%58.97%64.31%66.23%51.54%57.24%
Covered payroll 2,818,219$ 2,812,001$ 2,918,844$ 3,085,809$ 3,187,983$ 3,179,407$ 3,240,175$ 2,974,486$ 2,975,539$ 3,334,258$
Employer's net pension liability
as a percentage of covered payroll 729.41%874.85%831.80%715.78%781.18%676.11%591.18%648.26%972.83%782.94%
Changes in assumption from 2015 - 2020 relate to changes in mortality rates.
Changes in assumption in 2021 related to annual pay increases, inflation rate, and mortality rates.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31, 2018 2019 2020 2021 2022 2023
TOTAL OPEB LIABILITY
Service cost 325,218$ 306,833$ 399,277$ 522,041$ 528,266$ 371,025$
Interest 205,569 239,677 212,958 165,607 168,995 260,598
Differences between expected
and actual experience 79,566 (508,380) (7,464) (247,647) (367,568) (2,483,121)
Changes in assumptions (315,894) 791,275 765,452 226,690 (1,119,160) 531,192
Implicit benefit payments (209,110) (229,223) (212,036) (214,995) (267,003) (317,864)
Net change in total OPEB liability 85,349 600,182 1,158,187 451,696 (1,056,470) (1,638,170)
Total OPEB liability - beginning 5,552,825 5,638,174 6,238,356 7,396,543 7,848,239 6,791,769
TOTAL OPEB LIABILITY - ENDING 5,638,174$ 6,238,356$ 7,396,543$ 7,848,239$ 6,791,769$ 5,153,599$
Covered-employee payroll 11,490,969$ 11,909,451$ 12,267,429$ 11,422,917$ 12,389,356$ 12,613,879$
Employers total OPEB liability as a percentage
of covered-employee payroll 49.07%52.38%60.29%68.71%54.82%40.86%
2019 and 2018 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to reflect revised
expectations with respect to the discount and mortality rates.
2020 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to reflect revised expectations
with respect to discount rates.
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,
information will be presented for as many years as is available.
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
TOTAL OPEB LIABILITY AND RELATED RATIOS
OTHER POSTEMPLOYMENT BENEFIT PLAN
Last Six Fiscal Years
2021 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to reflect revised expectations
with respect to discount rates and salary increases.
2022 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to reflect revised expectations
with respect to discount rates and healthcare cost trend rates.
The Village has no assets accumulated in a trust that meets the criteria of GASB codification P22.101 or P52.101 to pay related benefits for
the OPEB plan.
2023 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to reflect revised expectations
with respect to discount rates and healthcare cost trend rates.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Annual money-weighted rate of return,
net of investment expense 5.54%(1.32%)6.89%13.35%(6.34%)18.71%10.86%12.77%(16.97%)13.70%
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
Last Ten Fiscal Years
SCHEDULE OF INVESTMENT RETURNS
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Annual money-weighted rate of return,
net of investment expense 5.10%(1.05%)7.62%13.95%(4.51%)19.01%14.99%11.84%(16.96%)15.50%
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTERS' PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Ten Fiscal Years
(See independent auditor's report.)
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- 73 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2023
BUDGETARY INFORMATION
Budgets are adopted on a basis consistent with GAAP, except for the Enterprise and Internal
Service Funds. Annual budgets are adopted for the General, Special Revenue , and Capital
Projects Funds on the modified accrual basis. The annual budget is legally enacted and provides
for a legal level of control at the program level. All annual appropriations lapse at fiscal year
end. The Village does not adopt a budget for the Foreign Fire Insurance , or the Pension Trust
Funds.
The Village follows these procedures in establishing the budgetary data reflected in the financial
statements:
1. All departments of the Village submit budget requests to the Budget Officer so that a
budget may be prepared.
2. The Village Manager submits to the Village Board of Trustees a proposed operating
budget for the fiscal year commencing the following January 1. The operating budget
includes proposed expenditures and the means of financing them.
3. A public hearing is conducted by the Village to obtain resident comments.
4. Subsequently, the budget is adopted by the Village Board.
5. Annual budgets are adopted for all funds on a basis consistent with GAAP.
6. Formal budgetary integration is employed as a management control device during
the year for all funds of the Village.
7. Appropriations lapse at year end.
8. The Village Manager and Budget Officer are authorized to transfer budgeted
amounts between line items within any program; however, any revisions that alter
the total expenditures of any program or fund must be approved by the Village Board
of Trustees. The level of legal control is the individual program budget in total.
9. Budgeted amounts are as originally adopted with the exceptions of approved
transfers which were not material in relation to the budgets taken as a whole.
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VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued)
- 73 -
BUDGETARY INFORMATION (Continued)
10. The following fund had an excess of actual expenditures over budget for the fiscal
year:
Fund Excess
Hotel/Motel Tax Fund $ 2,577
General Fund 1,023,882
- 83 -
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
General Fund - to account for resources traditionally associated with governments which are not
accounted for in another fund.
Infrastructure Fund - to account for revenues restricted for and expenditures relative to the
construction and maintenance of roadways, drainage, and safety pathway systems.
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
REVENUES
Intergovernmental
Municipal sales tax 16,000,000$ 17,636,575$ 17,524,488$ (112,087)$ 17,699,843$
Illinois state income and use tax 1,460,900 1,637,086 1,637,086 - 1,674,040
Corporate personal property
replacement taxes 450,000 869,774 869,774 - 1,052,604
York Township road and
bridge tax 35,000 32,429 37,643 5,214 25,146
Grants 15,662 592,896 717,733 124,837 157,038
Total intergovernmental 17,961,562 20,768,760 20,786,724 17,964 20,608,671
Utility taxes 5,623,000 4,286,590 4,286,590 - 5,214,840
Licenses and permits 1,950,485 3,834,611 3,843,934 9,323 2,452,506
Charges for services 2,137,621 2,998,929 2,714,860 (284,069) 2,181,752
Fines and penalties 313,500 240,760 244,617 3,857 257,345
Investment income 200,000 1,811,615 1,866,677 55,062 (34,779)
Miscellaneous
Franchise fees 214,800 226,317 226,317 - 229,469
Other 5,000 31,408 522,374 490,966 291,657
Total miscellaneous 219,800 257,725 748,691 490,966 521,126
TOTAL REVENUES 28,405,968$ 34,198,990$ 34,492,093$ 293,103$ 31,201,461$
2023
(With Comparative Actual)
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 84 -
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
GENERAL GOVERNMENT
Legislative and general management
Board of trustees
Personnel 113,645$ 23,783$ 23,783$ -$ 90,182$
Materials and supplies 970 776 776 - 2,051
Operation and contractual 307,442 276,256 276,256 - 20,096
Total board of trustees 422,057 300,815 300,815 - 112,329
Village clerk
Personnel 100,388 109,037 109,037 - 148,702
Materials and supplies 440 28 28 - 1,685
Operation and contractual 8,300 7,574 7,574 - 10,225
Total Village clerk 109,128 116,639 116,639 - 160,612
Legal
Operation and contractual 613,000 297,228 297,228 - 413,545
Total legal 613,000 297,228 297,228 - 413,545
General management
Personnel 492,605 573,760 573,760 - 417,180
Materials and supplies 8,083 21,323 21,323 - 31,330
Operation and contractual 32,579 19,330 19,804 474 52,708
Capital outlay - - - - 10,958
Total general management 533,267 614,413 614,887 474 512,176
Human resources
Personnel 194,113 265,606 265,606 - 147,341
Materials and supplies 400 12,578 12,578 - 400
Operation and contractual 108,000 81,364 81,364 - 150,174
Total human resources 302,513 359,548 359,548 - 297,915
Risk management
Personnel - - - - 20,460
Operation and contractual 250,000 439,885 439,885 - 452,797
Total risk management 250,000 439,885 439,885 - 473,257
Emergency management
Personnel 2,645 8,400 - (8,400) -
Materials and supplies - 2,800 2,800 - 2,680
Operational and contractual 18,895 6,671 6,671 - 7,424
Capital outlay - 350,767 500 (350,267) 10,290
Total emergency management 21,540 368,638 9,971 (358,667) 20,394
2023
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2023
(With Comparative Actual)
(This schedule is continued on the following pages.)
- 85 -
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
GENERAL GOVERNMENT (Continued)
Legislative and general management (Continued)
Information systems
Personnel 381,156$ 366,377$ 366,377$ -$ 356,459$
Materials and supplies 29,600 21,541 21,541 - 29,700
Operation and contractual 628,700 577,137 647,827 70,690 451,065
Capital 542,590 372,382 379,564 7,182 475,222
Total information systems 1,582,046 1,337,437 1,415,309 77,872 1,312,446
Customer service
Personnel 53,519 51,786 51,786 - 46,824
Total customer service 53,519 51,786 51,786 - 46,824
Total legislative and general
management 3,887,070 3,886,389 3,606,068 (280,321) 3,349,498
Community development management
Administration
Personnel 353,045 375,542 402,734 27,192 281,266
Materials and supplies 2,279 1,325 1,325 - 610
Operation and contractual 6,228 1,826 1,826 - 2,379
Total administration 361,552 378,693 405,885 27,192 284,255
Code enforcement
Personnel 603,836 559,139 559,139 - 563,547
Materials and supplies 4,614 3,646 3,646 - 3,232
Operation and contractual 83,188 28,482 28,482 - 68,353
Total code enforcement 691,638 591,267 591,267 - 635,132
Total community development management 1,053,190 969,960 997,152 27,192 919,387
Financial services
Financial services management
Personnel 203,343 209,385 209,385 - 177,462
Materials and supplies - 279 279 - 152
Operation and contractual 57,109 48,106 48,106 - 50,870
Capital outlay - (6,697) 123,442 130,139 13,393
Total financial services management 260,452 251,073 381,212 130,139 241,877
Accounting and reporting
Personnel 231,221 238,918 238,918 - 373,603
Materials and supplies 6,370 2,643 2,643 - 3,285
Operation and contractual 30,596 28,644 28,644 - 30,503
Total accounting and reporting 268,187 270,205 270,205 - 407,391
2023
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2023
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
(This schedule is continued on the following pages.)
- 86 -
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
2023
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2023
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
GENERAL GOVERNMENT (Continued)
Financial services (Continued)
PSEBA benefits
Personnel 36,800$ 43,035$ 43,035$ -$ 36,143$
Purchasing
Personnel 116,040 128,929 128,929 - 109,821
Materials and supplies 18,300 20,152 20,152 - 17,384
Total purchasing 134,340 149,081 149,081 - 127,205
Total financial services 699,779 713,394 843,533 130,139 812,616
Municipal building improvements
Capital 15,565 77,571 96,745 19,174 39,663
Total municipal building improvements 15,565 77,571 96,745 19,174 39,663
Expenditure reimbursements paid to other funds - - - - 109,880
Subtotal general government 5,655,604 5,647,314 5,543,498 (103,816) 5,231,044
Less reimbursements from other funds (677,401) (716,572) (716,572) - (565,220)
Total general government 4,978,203 4,930,742 4,826,926 (103,816) 4,665,824
PUBLIC SAFETY
Police department
Police services management
Personnel 394,120 454,109 453,844 (265) 330,957
Materials and supplies 3,160 4,180 4,180 - 3,793
Operation and contractual 59,914 52,759 52,759 - 112,357
Total police services management 457,194 511,048 510,783 (265) 447,107
Police field services
Personnel 6,365,275 6,856,161 6,851,101 (5,060) 5,640,083
Materials and supplies 12,104 14,440 14,440 - 31,794
Operation and contractual 334,008 330,769 330,769 - 283,607
Capital outlay 244,968 358,524 1,040,598 682,074 207,850
Total police field services 6,956,355 7,559,894 8,236,908 677,014 6,163,334
Police auxiliary services
Personnel 88,232 125,620 125,620 - 42,118
Total police auxiliary services 88,232 125,620 125,620 - 42,118
(This schedule is continued on the following pages.)
- 87 -
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
2023
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2023
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC SAFETY (Continued)
Police department (Continued)
Support services general
Personnel 944,455$ 925,822$ 927,395$ 1,573$ 930,413$
Materials and supplies 62,199 98,847 98,847 - 100,212
Operation and contractual 7,075 7,068 7,068 - 4,170
Total support services general 1,013,729 1,031,737 1,033,310 1,573 1,034,795
Support services detectives
Personnel 1,100,565 1,562,347 1,569,541 7,194 1,185,077
Materials and supplies 6,652 9,768 9,768 - 3,217
Operation and contractual 44,191 44,337 44,337 - 40,138
Total support services detectives 1,151,408 1,616,452 1,623,646 7,194 1,228,432
Support services records
Personnel 168,209 208,157 208,157 - 189,074
Materials and supplies 19,814 14,575 14,575 - 15,828
Operation and contractual 536,825 550,246 546,761 (3,485) 518,993
Total support services records 724,848 772,978 769,493 (3,485) 723,895
Total police department 10,391,766 11,617,729 12,299,760 682,031 9,639,681
Fire department
Fire, rescue, and EMS operations
Personnel 7,124,830 7,192,489 7,406,844 214,355 6,671,412
Materials and supplies 77,475 58,030 58,030 - 56,853
Operation and contractual 627,334 615,605 615,605 - 350,564
Capital outlay 85,475 70,613 70,613 - 10,571
Total fire, rescue, and EMS operations 7,915,114 7,936,737 8,151,092 214,355 7,089,400
Fire services management
Personnel 436,807 349,026 348,893 (133) 173,993
Materials and supplies 5,900 4,175 4,175 - 2,414
Operation and contractual 175,233 165,019 164,102 (917) 245,648
Other 9,000 8,517 8,525 8 6,435
Total fire services management 626,940 526,737 525,695 (1,042) 428,490
Special teams operations
Materials and supplies 13,030 11,043 11,043 - 14,794
Operation and contractual 10,843 7,081 7,081 - 10,898
Total special teams operations 23,873 18,124 18,124 - 25,692
(This schedule is continued on the following pages.)
- 88 -
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
2023
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2023
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC SAFETY (Continued)
Fire department
Rescue and fire training
Personnel 44,405$ 26,567$ 26,648$ 81$ 8,210$
Materials and supplies 300 94 94 - 113
Operation and contractual 2,000 - - - -
Total rescue and fire training 46,705 26,661 26,742 81 8,323
Emergency medical services
Personnel 31,225 20,686 20,686 - 15,010
Materials and supplies 36,725 26,356 26,356 - 29,560
Operation and contractual 141,356 138,801 138,801 - 125,020
Capital outlay 52,376 41,508 47,508 6,000 45,331
Total emergency medical services 261,682 227,351 233,351 6,000 214,921
Fire prevention and public safety
Personnel 7,780 2,269 2,269 - 121,969
Materials and supplies 3,900 408 408 - 2,797
Operation and contractual 158,595 149,937 149,937 - 2,270
Total fire prevention and public safety 170,275 152,614 152,614 - 127,036
Total fire department 9,044,589 8,888,224 9,107,618 219,394 7,893,862
Total public safety 19,436,355 20,505,953 21,407,378 901,425 17,533,543
PUBLIC WORKS
Mosquito control
Operation and contractual 55,943 55,943 55,943 - 66,865
Total mosquito control 55,943 55,943 55,943 - 66,865
Buildings and grounds
Personnel 378,480 319,165 319,165 - 275,476
Materials and supplies 34,692 39,900 39,900 - 37,813
Operation and contractual 368,668 304,131 304,131 - 327,198
Total buildings and grounds 781,840 663,196 663,196 - 640,487
Forestry
Personnel 1,295 928 928 - 1,569
Materials and supplies 1,362 2,342 2,342 - 1,788
Operation and contractual 228,359 224,912 224,912 - 149,368
Total forestry 231,016 228,182 228,182 - 152,725
(This schedule is continued on the following pages.)
- 89 -
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
2023
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2023
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC WORKS (Continued)
Streets
Personnel 794,780$ 725,310$ 725,310$ -$ -$
Materials and supplies 53,940 54,023 54,023 - -
Operation and contractual 393,469 405,563 405,563 - -
Total streets 1,242,189 1,184,896 1,184,896 - -
Snow removal
Personnel 99,639 16,198 16,198 - -
Materials and supplies 2,250 921 921 - -
Operation and contractual 13,238 8,521 8,521 - -
Total snow removal 115,127 25,640 25,640 - -
MGT
Personnel 464,034 446,164 446,164 - -
Materials and supplies 27,037 19,508 19,508 - -
Operation and contractual 13,580 8,255 8,255 - -
Total MGT 504,651 473,927 473,927 - -
Total public works 2,930,766 2,631,784 2,631,784 - 860,077
CULTURE AND RECREATION
Library general operations
Personnel 432,393 448,494 448,494 - 405,625
Materials and supplies 13,000 12,298 12,298 - 11,595
Operation and contractual 88,516 73,812 73,812 - 68,682
Capital outlay - - - - 9,864
Total library general operations 533,909 534,604 534,604 - 495,766
Library technical services
Personnel 142,339 144,838 144,838 - 117,258
Materials and supplies 3,600 3,592 3,592 - 3,595
Operation and contractual 300 272 272 - 595
Total library technical services 146,239 148,702 148,702 - 121,448
Library reference and adult services
Personnel 235,232 239,831 239,831 - 210,675
Materials and supplies 148,300 147,229 147,229 - 144,666
Operation and contractual 12,000 11,988 11,988 - 9,497
Total library reference and
adult services 395,532 399,048 399,048 - 364,838
Total culture and recreation 1,075,680 1,082,354 1,082,354 - 982,052
(This schedule is continued on the following page.)
- 90 -
Variance
Original Final Over 2022
Budget Budget Actual (Under)Actual
2023
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2023
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
DEBT SERVICE
Pricipal -$ -$ 222,837$ 222,837$ -$
Interest and fees - - 3,436 3,436 -
Total debt service - - 226,273 226,273 -
TOTAL EXPENDITURES 28,421,004$ 29,150,833$ 30,174,715$ 1,023,882$ 24,041,496$
(See independent auditor's report.)
- 91 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
REVENUES
Intergovernmental 1,089,730$ -$ -$ -$ 550,000$
Non-home rule sales tax 6,525,000 7,484,933 7,528,765 43,832 7,363,215
Investment income 27,500 562,842 562,842 - (54,682)
Miscellaneous 1,000 2,845 102,362 99,517 -
Total revenues 7,643,230 8,050,620 8,193,969 143,349 7,858,533
EXPENDITURES
General government
Geographic information
Personnel 22,647 13,081 13,081 - 20,671
Materials and supplies 76,700 137,147 37,147 (100,000) 1,545
Operation and contractual 183,686 186,646 186,646 - 195,481
Total geographic information 283,033 336,874 236,874 (100,000) 217,697
Total general government 283,033 336,874 236,874 (100,000) 217,697
Public works
Management
Personnel - - - - 421,797
Materials and supplies - 636 636 - 2,495
Operation and contractual 108,500 85,479 85,479 - 41,015
Capital 401,180 154,045 154,045 - -
Total management 509,680 240,160 240,160 - 465,307
Streets - general salaries
Personnel - 21,138 21,138 - 681,286
Materials and supplies - - - - 3,797
Operation and contractual - - - - 3,863
Total streets - general salaries - 21,138 21,138 - 688,946
Streets and traffic maintenance
Materials and supplies - - - - 42,290
Operation and contractual 411,912 251,408 251,408 - 496,785
Total streets and traffic maintenance 411,912 251,408 251,408 - 539,075
Snow removal
Personnel - 2,871 2,871 - 68,250
Materials and supplies - - - - 110,840
Operation and contractual - - - - 49,160
Capital 25,000 23,776 23,776 - -
Total snow removal 25,000 26,647 26,647 - 228,250
Drainage maintenance
Materials and supplies 12,000 10,347 10,347 - 11,240
Operation and contractual 57,788 33,595 33,595 - 69,414
Capital 525,000 49,045 49,045 - -
Total drainage maintenance 594,788 92,987 92,987 - 80,654
2023
INFRASTRUCTURE FUND
VILLAGE OF OAK BROOK, ILLINOIS
(With Comparative Actual)
For the Year Ended December 31, 2023
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES, AND
(This schedule is continued on the following page.)
- 92 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
EXPENDITURES (Continued)
Public works (Continued)
Safe pathway maintenance
Materials and supplies 10,000$ 14,610$ 14,610$ -$ 2,555$
Operation and contractual 121,338 15,800 15,800 - 19,450
Capital - - - - 126,334
Total safe pathway maintenance 131,338 30,410 30,410 - 148,339
Engineering and capital projects engineering
Personnel - - - - 54,000
Operation and contractual 371,708 326,481 326,481 - 258,293
Total engineering and capital projects engineering 371,708 326,481 326,481 - 312,293
Roadway improvements
Operation and contractual 429,847 49,441 88,291 38,850 82,170
Intergovernmental agreements 4,031,819 1,221,587 1,041,286 (180,301) 5,226,362
Total roadway improvements 4,461,666 1,271,028 1,129,577 (141,451) 5,308,532
Reimbursements from other funds
Reimbursements from other funds - (199,430) (199,430) - (323,365)
Reimbursements paid to other funds 339,899 311,575 311,575 - 118,130
Total reimbursements from other funds 339,899 112,145 112,145 - (205,235)
Total public works 6,845,991 2,372,404 2,230,953 (141,451) 7,566,161
Public safety
Infrastructure
Capital - 99,720 111,500 11,780 -
Total public safety - 99,720 111,500 11,780 -
Total expenditures 7,129,024 2,808,998 2,579,327 (229,671) 7,783,858
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 514,206 5,241,622 5,614,642 373,020 74,675
OTHER FINANCING SOURCES (USES)
Transfers in - 1,000,000 1,000,000 - -
Total other financing sources (uses) - 1,000,000 1,000,000 - -
NET CHANGE IN FUND BALANCE 514,206$ 6,241,622$ 6,614,642 373,020$ 74,675
FUND BALANCE, JANUARY 1 8,880,969 8,806,294
FUND BALANCE, DECEMBER 31 15,495,611$ 8,880,969$
(With Comparative Actual)
2023
VILLAGE OF OAK BROOK, ILLINOIS
INFRASTRUCTURE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued)
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 93 -
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund - to account for state gasoline tax allocations restricted for local roadway
program expenditures.
Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts restricted for promoting
tourism and conventions in the Village.
Foreign Fire Insurance Tax Fund - to account for foreign fire insurance tax revenue restricted for
the purchase of items for the benefit of the fire department.
The Promenade TIF Fund - to account for the revenues and expenditures restricted to the Tax
Increment Financing District located at 22nd Street and Meyers Road.
Motor Hotel/Motel Foreign Fire Promenade
Fuel Tax Tax Insurance Tax TIF Total
Cash and investments 1,992,522$ 3,677,222$ 177,548$ -$ 5,847,292$
Receivables
Allotments 31,860 - - - 31,860
Accrued interest 74 5,694 - - 5,768
Other - 281,877 - - 281,877
TOTAL ASSETS 2,024,456$ 3,964,793$ 177,548$ -$ 6,166,797$
LIABILITIES
Accounts payable 2,354$ 93,596$ -$ -$ 95,950$
Total liabilities 2,354 93,596 - - 95,950
DEFERRED INFLOWS OF RESOURCES
Unavailable other receivables - 100,000 - - 100,000
Total deferred inflows of resources - 100,000 - - 100,000
FUND BALANCES
Restricted
Highways and streets 2,022,102 - - - 2,022,102
Public safety - - 177,548 - 177,548
Culture and recreation - 3,771,197 - - 3,771,197
Total fund balances 2,022,102 3,771,197 177,548 - 5,970,847
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 2,024,456$ 3,964,793$ 177,548$ -$ 6,166,797$
OF RESOURCES, AND FUND BALANCES
ASSETS
LIABILITIES, DEFERRED INFLOWS
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING BALANCE SHEET
December 31, 2023
Special Revenue
(See independent auditor's report.)
- 94 -
Motor Hotel/Motel Foreign Fire Promenade
Fuel Tax Tax Insurance Tax TIF Total
REVENUES
Intergovernmental 352,327$ 100,000$ 79,001$ 74,379$ 605,707$
Property tax - - - 455,451 455,451
Hotel/motel taxes - 1,576,776 - - 1,576,776
Investment income 78,573 138,687 37 6,064 223,361
Miscellaneous - 4,000 432 - 4,432
Total revenues 430,900 1,819,463 79,470 535,894 2,865,727
EXPENDITURES
Current
General government 106,032 320,363 - 5,625 432,020
Public safety - - 121,060 - 121,060
Culture and recreation - 418,249 - - 418,249
Debt service
Principal - - - 257,000 257,000
Interest and fiscal agent fees - - - 79,793 79,793
Total expenditures 106,032 738,612 121,060 342,418 1,308,122
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 324,868 1,080,851 (41,590) 193,476 1,557,605
TRANSFERS
Transfers (out)- - - (503,396) (503,396)
Total transfers - - - (503,396) (503,396)
NET CHANGE IN FUND BALANCES 324,868 1,080,851 (41,590) (309,920) 1,054,209
FUND BALANCES, JANUARY 1 1,697,234 2,690,346 219,138 309,920 4,916,638
FUND BALANCES, DECEMBER 31 2,022,102$ 3,771,197$ 177,548$ -$ 5,970,847$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
For the Year Ended December 31, 2023
Special Revenue
(See independent auditor's report.)
- 95 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
REVENUES
Intergovernmental 461,175$ 352,327$ 352,327$ -$ 494,522$
Investment income 7,500 78,574 78,573 (1) 20,251
Total revenues 468,675 430,901 430,900 (1) 514,773
EXPENDITURES
Current
General government 110,494 106,032 106,032 - -
Total expenditures 110,494 106,032 106,032 - -
NET CHANGE IN FUND BALANCE 358,181$ 324,869$ 324,868 (1)$ 514,773
FUND BALANCE, JANUARY 1 1,697,234 1,182,461
FUND BALANCE, DECEMBER 31 2,022,102$ 1,697,234$
(With Comparative Actual)
2023
VILLAGE OF OAK BROOK, ILLINOIS
MOTOR FUEL TAX FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 96 -
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Hotel/motel taxes 1,150,000$ 1,576,776$ 1,576,776$ -$
Intergovernmental - - 100,000 -
Investment income 12,000 138,687 138,687 -
Miscellaneous 4,000 4,000 4,000 -
Total revenues 1,166,000 1,719,463 1,819,463 -
EXPENDITURES
Current
General government 349,485 320,363 320,363 -
Culture and recreation 674,595 415,672 418,249 2,577
Total expenditures 1,024,080 736,035 738,612 2,577
NET CHANGE IN FUND BALANCE 141,920$ 983,428$ 1,080,851 (2,577)$
FUND BALANCE, JANUARY 1 2,690,346
FUND BALANCE, DECEMBER 31 3,771,197$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
HOTEL/MOTEL TAX FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 97 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
REVENUES
Intergovernmental
Municipal sales tax 15,000$ 74,379$ 74,379$ -$ 91,755$
Property taxes 405,000 455,451 455,451 - 408,176
Investment income 10 6,064 6,064 - 2,437
Total revenues 420,010 535,894 535,894 - 502,368
EXPENDITURES
Current
General government 5,100 5,625 5,625 - 4,575
Debt service
Principal 257,000 257,000 257,000 - 308,200
Interest and fiscal agent fees 79,725 79,793 79,793 - 178,060
Total expenditures 341,825 342,418 342,418 - 490,835
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 78,185 193,476 193,476 - 11,533
TRANSFERS
Transfers (out)- (503,396) (503,396) - -
Total transfers - (503,396) (503,396) - -
NET CHANGE IN FUND BALANCE 78,185$ (309,920)$ (309,920) -$ 11,533
FUND BALANCE, JANUARY 1 309,920 298,387
FUND BALANCE, DECEMBER 31 -$ 309,920$
(With Comparative Actual)
2023
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PROMENADE TIF FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 98 -
MAJOR ENTERPRISE FUNDS
Waterworks System Fund - to account for revenues and expenses relative to the operation of the
water utility.
Sports Core Fund - to account for revenues and expenses relative to the operation of the Oak
Brook Sports Core.
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING REVENUES
Charges for services
Water sales 8,230,000$ 9,717,533$ 9,717,533$ -$ 11,171,196$
Unmetered sales 50,000 47,372 56,465 9,093 99,978
Water tap on charges 75,000 153,640 153,640 - 586,270
Meter fees and special services 25,000 45,220 45,220 - 50,352
Miscellaneous 52,525 127,395 112,367 (15,028) 116,153
Total operating revenues 8,432,525 10,091,160 10,085,225 (5,935) 12,023,949
OPERATING EXPENSES
Operation of facilities 9,523,847 8,277,696 6,760,363 (1,517,333) 6,147,483
Depreciation and amortization - - 1,170,709 1,170,709 1,214,440
Total operating expenses 9,523,847 8,277,696 7,931,072 (346,624) 7,361,923
OPERATING INCOME (LOSS)(1,091,322) 1,813,464 2,154,153 340,689 4,662,026
NON-OPERATING REVENUES (EXPENSES)
Investment income (loss)20,000 1,150,165 1,150,165 - 12,393
Gain (loss) on disposal of capital assets - - - - 10,416,822
Total non-operating revenues (expenses)20,000 1,150,165 1,150,165 - 10,429,215
CHANGE IN NET POSITION (1,071,322)$ 2,963,629$ 3,304,318 340,689$ 15,091,241
NET POSITION, JANUARY 1 49,666,119 34,574,878
NET POSITION, DECEMBER 31 52,970,437$ 49,666,119$
(With Comparative Actual)
2023
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2023
WATERWORKS SYSTEM FUND
Note: The gain on disposal of capital assets in 2022 relates to the Village's sale of the water system.
(See independent auditor's report.)
- 99 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING EXPENSES
Operation of facilities
Public works - water operations
Personnel 698,912$ 712,225$ 712,225$ -$ 480,809$
Materials and supplies 95,349 103,387 103,387 - 81,992
Operation and contractual 4,923,211 5,931,320 5,712,125 (219,195) 5,408,771
Reimbursement to other funds 186,595 171,048 171,048 - 420,490
Total public works - water operations 5,904,067 6,917,980 6,698,785 (219,195) 6,392,062
Capital improvements
Capital outlay 3,619,780 1,359,716 1,638,799 279,083 121,526
Total capital improvements 3,619,780 1,359,716 1,638,799 279,083 121,526
TOTAL OPERATING EXPENSES (BUDGETARY BASIS)9,523,847$ 8,277,696$ 8,337,584 59,888$ 6,513,588
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (1,638,799) (121,526)
Depreciation and amortization expense 1,170,709 1,214,442
Pension expense - IMRF 61,374 (224,943)
OPEB expense 204 (19,636)
Total adjustments to GAAP basis (406,512) 848,337
TOTAL OPERATING EXPENSES (GAAP BASIS)7,931,072$ 7,361,925$
2023
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS
For the Year Ended December 31, 2023
(With Comparative Actual)
(See independent auditor's report.)
- 100 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING REVENUES
Charges for services
Golf club 2,997,300$ 3,199,048$ 3,190,657$ (8,391)$ 2,891,537$
Swimming and tennis 590,600 531,526 524,726 (6,800) 490,128
Special events - - - - 66,812
Rentals and commissions 626,000 453,597 440,024 (13,573) 608,398
Food and beverage 798,000 816,681 816,681 - 836,471
Total operating revenues 5,011,900 5,000,852 4,972,088 (28,764) 4,893,346
OPERATING EXPENSES
Golf club 2,980,560 2,332,897 2,334,404 1,507 1,876,667
Swimming and tennis 975,906 585,750 769,822 184,072 471,338
Special events 13,390 5 5 - 185,019
Rentals and commissions 409,592 188,050 195,085 7,035 286,130
Food and beverage 586,444 582,989 659,941 76,952 649,448
Total operating expenses 4,965,892 3,689,691 3,959,257 269,566 3,468,602
OPERATING INCOME (LOSS)46,008 1,311,161 1,012,831 (298,330) 1,424,744
NON-OPERATING REVENUES (EXPENSES)
Investment income 75 66 29,458 29,392 17,339
Miscellaneous - 12,568 12,568 - (17,542)
Total non-operating revenues (expenses)75 12,634 42,026 29,392 (203)
INCOME (LOSS) BEFORE TRANSFERS 46,083 1,323,795 1,054,857 (268,938) 1,424,541
TRANSFERS
Transfers in 300,000 - - - 278,773
Total transfers 300,000 - - - 278,773
CHANGE IN NET POSITION 346,083$ 1,323,795$ 1,054,857 (268,938)$ 1,703,314
NET POSITION, JANUARY 1 15,308,692 13,605,378
NET POSITION, DECEMBER 31 16,363,549$ 15,308,692$
2023
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2023
(With Comparative Actual)
The golf surcharge fund was conslidated into the Sports Core Fund during the year ended December 31, 2022.
(See independent auditor's report.)
- 101 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
CHARGES FOR SERVICE
Golf club
Fees 2,178,250$ 2,501,117$ 2,499,217$ (1,900)$ 2,116,803$
Surcharge 150,000 - - - 138,297
Memberships 410,000 484,100 480,100 (4,000) 404,975
Merchandise sales 259,000 202,707 202,707 - 226,529
Miscellaneous 50 11,124 8,633 (2,491) 4,933
Total golf club 2,997,300 3,199,048 3,190,657 (8,391) 2,891,537
Swimming and tennis
Fees 68,600 107,251 107,251 - 83,582
Memberships 519,250 413,748 406,948 (6,800) 402,838
Merchandise sales 500 6,770 6,770 - 1,189
Miscellaneous 2,250 3,757 3,757 - 2,519
Total swimming and tennis 590,600 531,526 524,726 (6,800) 490,128
Special events
Miscellaneous - - - - 66,812
Total special events - - - - 66,812
Rentals and commissions
Open field rental 191,000 189,003 184,839 (4,164) 184,377
Butler range rental 85,000 86,080 76,671 (9,409) 70,480
Clubhouse rental income 350,000 178,514 178,514 - 353,541
Total rentals and commissions 626,000 453,597 440,024 (13,573) 608,398
Food and beverage
Food sales 306,000 313,126 313,126 - 334,371
Beverage sales 492,000 503,555 503,555 - 502,100
Total food and beverage 798,000 816,681 816,681 - 836,471
TOTAL OPERATING REVENUES 5,011,900$ 5,000,852$ 4,972,088$ (28,764)$ 4,893,346$
2023
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED REVENUES - BUDGET AND ACTUAL
For the Year Ended December 31, 2023
(With Comparative Actual)
(See independent auditor's report.)
- 102 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING EXPENSES
Operations - golf club
Golf club general operations
Personnel 582,181$ 564,274$ 564,274$ -$ 558,525$
Materials and supplies 229,880 189,691 189,691 - 201,619
Operation and contractual 226,250 255,953 255,953 - 295,067
Capital 170,000 202,687 227,807 25,120 125,915
Total operations - golf club 1,208,311 1,212,605 1,237,725 25,120 1,181,126
Golf club range operations
Personnel 91,500 69,243 69,243 - 59,482
Materials and supplies 27,500 19,177 19,177 - 19,958
Operation and contractual 26,000 13,610 13,610 - 6,301
Capital 10,000 8,925 8,925 - 10,996
Total operations - golf club range 155,000 110,955 110,955 - 96,737
Golf cart operations
Personnel 46,290 71,802 71,802 - 42,611
Materials and supplies 3,000 5,916 5,916 - 1,006
Operation and contractual 655,827 61,388 61,388 - 58,817
Total operations - golf cart 705,117 139,106 139,106 - 102,434
Golf course maintenance
Personnel 425,034 462,878 462,878 - 350,221
Materials and supplies 185,650 209,633 209,633 - 213,678
Operation and contractual 40,300 61,750 61,750 - 53,377
Capital 200,423 115,728 115,728 - 168,276
Total operations - golf course maintenance 851,407 849,989 849,989 - 785,552
Less
Reimbursement to (from) other funds 60,725 20,242 20,242 - 56,590
Total operations - golf club 2,980,560 2,332,897 2,358,017 25,120 2,222,439
Operations - swimming and tennis
General operations
Personnel 19,925 233 233 - 16,577
Materials and supplies 1,100 430 430 - 1,130
Operation and contractual 61,300 66,346 68,214 1,868 22,344
Subtotal general operations 82,325 67,009 68,877 1,868 40,051
Less
Reimbursement to (from) other funds 20,242 53,976 53,976 - 18,865
Overhead allocation (87,568) (87,568) (87,568) - (65,477)
Total general operations 14,999 33,417 35,285 1,868 (6,561)
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS
(With Comparative Actual)
For the Year Ended December 31, 2023
2023
(This schedule is continued on the following pages.)
- 103 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING EXPENSES (Continued)
Operations - swimming and tennis (Continued)
Swimming operations
Personnel 155,670$ 136,012$ 36,012$ (100,000)$ 14,714$
Materials and supplies 25,140 49,520 49,520 - 42,800
Operation and contractual 119,786 212,723 312,723 100,000 226,760
Capital 550,000 38,207 - (38,207) 220,321
Overhead allocation 31,522 31,522 31,522 - 23,572
Total swimming operations 882,118 467,984 429,777 (38,207) 528,167
Tennis operations - outdoor
Materials and supplies 9,956 2,014 2,014 - 7,324
Operation and contractual 60,074 73,576 73,576 - 59,511
Overhead allocation 8,759 8,759 8,759 - 6,548
Total tennis operations - outdoor 78,789 84,349 84,349 - 73,383
Total operations - swimming and tennis 975,906 585,750 549,411 (36,339) 594,989
Special events
Operation and contractual 13,390 5 5 - 185,019
Total special events 13,390 5 5 - 185,019
Rentals and commissions
Bath and tennis clubhouse
Personnel 142,954 15,039 15,039 - 129,887
Materials and supplies 23,972 14,046 14,046 - 23,224
Operation and contractual 76,842 70,625 70,625 - 95,367
Capital - - 38,207 38,207 -
Overhead allocation 43,784 43,784 43,784 - 32,739
Total bath and tennis clubhouse 287,552 143,494 181,701 38,207 281,217
Open fields
Materials and supplies 9,490 1,064 1,064 - -
Operation and contractual 112,550 43,492 43,492 - 39,262
Total open fields 122,040 44,556 44,556 - 39,262
Total rentals and commissions 409,592 188,050 226,257 38,207 320,479
Food and beverage
Poolside grill
Personnel 23,173 27,724 27,724 - 36,280
Materials and supplies 35,600 12,557 12,557 - 33,040
Operation and contractual 5,825 4,926 4,926 - 8,324
Overhead allocation 3,503 3,503 3,503 - 2,619
Total poolside grill 68,101 48,710 48,710 - 80,263
2023
For the Year Ended December 31, 2023
(With Comparative Actual)
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS (Continued)
(This schedule is continued on the following page.)
- 104 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
2023
For the Year Ended December 31, 2023
(With Comparative Actual)
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS (Continued)
OPERATING EXPENSES (Continued)
Food and beverage (Continued)
Golf clubhouse
Personnel 241,593$ 218,100$ 218,100$ -$ 243,203$
Materials and supplies 270,750 308,421 308,421 - 285,226
Operation and contractual 6,000 7,758 7,758 - 7,487
Total golf clubhouse 518,343 534,279 534,279 - 535,916
Total food and beverage 586,444 582,989 582,989 - 616,179
TOTAL OPERATING EXPENSES (BUDGETARY BASIS)4,965,892$ 3,689,691$ 3,716,679 26,988$ 3,939,105
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (390,667) (525,508)
Depreciation expense - golf 269,416 252,151
Depreciation expense - swimming and tennis 218,856 103,230
Depreciation expense - food and beverage 66,842 75,906
Pension expense - IMRF 77,770 (327,976)
OPEB expense 361 (48,306)
Total adjustments to GAAP basis 242,578 (470,503)
TOTAL OPERATING EXPENSES (GAAP BASIS)3,959,257$ 3,468,602$
(See independent auditor's report.)
- 105 -
INTERNAL SERVICE FUNDS
Insurance Fund - to account for all costs associated with self-insurance risks for employee health
and dental insurance.
Garage Fund - to account for all costs associated with the operation and maintenance of the
Village’s vehicle fleet equipment.
Capital Replacement Fund - to account for revenues and expenses relative to the replacement of
major capital equipment, primarily vehicles.
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
December 31, 2023
Capital
Insurance Garage Replacement Total
CURRENT ASSETS
Cash and investments 569,514$ 329,769$ 1,020,879$ 1,920,162$
Receivables
Accrued interest - - 1,812 1,812
Other 34,419 1,496 10,833 46,748
Inventories - 74,010 - 74,010
Total current assets 603,933 405,275 1,033,524 2,042,732
NONCURRENT ASSETS
Capital assets
Assets being depreciated
Cost - 228,549 5,547,059 5,775,608
Accumulated depreciation - (196,548) (3,458,602) (3,655,150)
Intangible - - 3,045,598 3,045,598
Accumulated amortization - - (936,298) (936,298)
Net capital assets - 32,001 4,197,757 4,229,758
Total assets 603,933 437,276 5,231,281 6,272,490
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF - 110,101 - 110,101
Deferred outflows of resources - OPEB - 7,883 - 7,883
Total deferred outflows of resources - 117,984 - 117,984
Total assets and deferred outflows of resources 603,933 555,260 5,231,281 6,390,474
CURRENT LIABILITIES
Accounts payable 9,790 20,071 - 29,861
Accrued payroll - 3,611 - 3,611
Unearned revenue 28,701 - - 28,701
Interest payable - - - -
Current compensated absences payable - 6,179 - 6,179
Current other postemployment benefit liability - 3,179 - 3,179
Leases - - 191,459 191,459
Total current liabilities 38,491 33,040 191,459 262,990
NONCURRENT LIABILITIES
Compensated absences payable - 1,090 - 1,090
Net pension liability - 124,384 - 124,384
Other postemployment benefit liability - 27,758 - 27,758
Leases - - 1,714,939 1,714,939
Total noncurrent liabilities - 153,232 1,714,939 1,868,171
Total liabilities 38,491 186,272 1,906,398 2,131,161
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - OPEB - 22,514 - 22,514
Total deferred inflows of resources - 22,514 - 22,514
Total liabilities and deferred inflows of resources 38,491 208,786 1,906,398 2,153,675
NET POSITION
Net investment in capital assets - 32,001 2,291,359 2,323,360
Unrestricted 565,442 314,473 1,033,524 1,913,439
TOTAL NET POSITION 565,442$ 346,474$ 3,324,883$ 4,236,799$
(See independent auditor's report.)
- 106 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2023
Capital
Insurance Garage Replacement Total
OPERATING REVENUES
Charges for services 3,118,879$ 683,401$ 1,092,896$ 4,895,176$
Total operating revenues 3,118,879 683,401 1,092,896 4,895,176
OPERATING EXPENSES
Claims and insurance 3,034,426 - - 3,034,426
Operations - 651,753 89,114 740,867
Depreciation and amortization - 3,980 929,619 933,599
Total operating expenses 3,034,426 655,733 1,018,733 4,708,892
OPERATING INCOME 84,453 27,668 74,163 186,284
NON-OPERATING REVENUES (EXPENSES)
Investment income 6,370 13,656 33,868 53,894
Interest expense - - (46,941) (46,941)
Loss on sale of capital assets - - 35,151 35,151
Total non-operating revenues (expenses)6,370 13,656 22,078 42,104
INCOME BEFORE TRANSFERS
AND CONTRINBUTIONS 90,823 41,324 96,241 228,388
TRANSFERS
Transfers in 500,000 - - 500,000
Total transfers 500,000 - - 500,000
CAPITAL GRANTS AND CONTRIBUTIONS - - 191,889 191,889
CHANGE IN NET POSITION 590,823 41,324 288,130 920,277
NET POSITION (DEFICIT), JANUARY 1 (25,381) 305,150 3,036,753 3,316,522
NET POSITION, DECEMBER 31 565,442$ 346,474$ 3,324,883$ 4,236,799$
(See independent auditor's report.)
- 107 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2023
Capital
Insurance Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from internal services transactions 2,835,227$ 685,367$ 1,092,896$ 4,613,490$
Receipts from customers and users 379,940 - - 379,940
Payments to suppliers (3,753,268) (437,203) (101,164) (4,291,635)
Payments to employees - (202,557) - (202,557)
Net cash from operating activities (538,101) 45,607 991,732 499,238
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Amounts received from (paid to) other funds 500,000 - - 500,000
Net cash from noncapital financing activities 500,000 - - 500,000
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - 51,092 51,092
Purchase of capital assets - (6,606) (234,289) (240,895)
Grant proceeds - - 191,889 191,889
Principal payments on leases - - (752,584) (752,584)
Interest payments on leases - - (93,141) (93,141)
Net cash from capital and
related financing activities - (6,606) (837,033) (843,639)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 6,370 13,656 (3,877) 16,149
Net cash from investing activities 6,370 13,656 (3,877) 16,149
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (31,731) 52,657 150,822 171,748
CASH AND CASH EQUIVALENTS,
JANUARY 1 601,245 277,112 510,364 1,388,721
CASH AND CASH EQUIVALENTS,
DECEMBER 31 569,514$ 329,769$ 661,186$ 1,560,469$
CASH AND INVESTMENTS
Cash and cash equivalents 569,514$ 329,769$ 661,186$ 1,560,469$
Investments - - 359,693 359,693
TOTAL CASH AND INVESTMENTS 569,514$ 329,769$ 1,020,879$ 1,920,162$
(This schedule is continued on the following page.)
- 108 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS (Continued)
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2023
Capital
Insurance Garage Replacement Total
RECONCILIATION OF OPERATING INCOME
TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income 84,453$ 27,668$ 74,163$ 186,284$
Depreciation and amortization - 3,980 929,619 933,599
Adjustments to reconcile operating income
to net cash from operating activities
Changes in assets and liabilities
Accounts receivable 96,288 1,966 - 98,254
Prepaid items 144 - - 144
Inventories - (12,657) - (12,657)
Accounts payable (623,669) 7,671 (12,050) (628,048)
Accrued payroll - 604 - 604
Compensated absences - (926) - (926)
Pension items - IMRF - 17,246 - 17,246
Pension items - OPEB - 55 - 55
Unearned revenue 524 - - 524
Claims payable (95,841) - - (95,841)
NET CASH FROM OPERATING ACTIVITIES (538,101)$ 45,607$ 991,732$ 499,238$
NONCASH TRANSACTIONS
Capital assets acquired via lease -$ -$ 456,977$ 456,977$
Loss on disposal of capital assets 15,941 15,941
TOTAL NONCASH TRANSACTIONS -$ -$ 472,918$ 472,918$
(See independent auditor's report.)
- 109 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING REVENUES
Charges for services 3,093,913$ 3,119,403$ 3,118,879$ (524.00)$ 3,584,765$
Total operating revenues 3,093,913 3,119,403 3,118,879 (524) 3,584,765
OPERATING EXPENSES
Claims and insurance
Insurance and administration 1,553,942 3,341,987 3,112,729 (229,258) 1,504,222
Health claims 1,488,755 (78,303) (78,303) - 1,986,743
Total operating expenses 3,042,697 3,263,684 3,034,426 (229,258) 3,490,965
OPERATING INCOME (LOSS)51,216 (144,281) 84,453 228,734 93,800
NON-OPERATING REVENUES (EXPENSES)
Investment income 500 6,370 6,370 - 1,815
Total non-operating revenues (expenses)500 6,370 6,370 - 1,815
INCOME (LOSS) BEFORE TRANSFERS 51,716 (137,911) 90,823 228,734 95,615
TRANSFERS
Transfers in - 500,000 500,000 - -
Total transfers - 500,000 500,000 - -
CHANGE IN NET POSITION 51,716$ 362,089$ 590,823 228,734$ 95,615
NET POSITION (DEFICIT), JANUARY 1 (25,381) (120,996)
NET POSITION (DEFICIT), DECEMBER 31 565,442$ (25,381)$
(With Comparative Actual)
2023
VILLAGE OF OAK BROOK, ILLINOIS
INSURANCE FUND - BUDGETARY BASIS
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 110 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING REVENUES
Charges for services 683,901$ 683,401$ 683,401$ -$ 621,250$
Total operating revenues 683,901 683,401 683,401 - 621,250
OPERATING EXPENSES
Garage operations
Personnel 204,970 202,235 202,235 - 224,138
Materials and supplies 272,657 213,884 213,884 - 232,329
Operational and contractual 222,250 172,869 179,535 6,666 176,527
Expenditure reimbursement paid to other funds - - 38,798 38,798 40,735
Total operating expenses 699,877 588,988 634,452 45,464 673,729
OPERATING INCOME (LOSS)(15,976) 94,413 48,949 (45,464) (52,479)
NON-OPERATING REVENUES (EXPENSES)
Investment income 1,500 13,656 13,656 - 4,325
Total non-operating revenues (expenses)1,500 13,656 13,656 - 4,325
CHANGE IN NET POSITION (BUDGETARY BASIS)(14,476) 108,069 62,605 (45,464) (48,154)
ADJUSTMENTS TO GAAP BASIS
Pension expense - IMRF (17,246) 51,879
OPEB expense (55) 5,188
Depreciation and amortization (3,980) (7,387)
Total adjustments to GAAP basis (21,281) 49,680
CHANGE IN NET POSITION (GAAP BASIS)(14,476)$ 108,069$ 41,324 1,526
NET POSITION, JANUARY 1 305,150 303,624
NET POSITION, DECEMBER 31 346,474$ 305,150$
(With Comparative Actual)
2023
VILLAGE OF OAK BROOK, ILLINOIS
GARAGE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS
For the Year Ended December 31, 2023
(See independent auditor's report.)
- 111 -
Variance
Original Final Over
Budget Budget Actual (Under)2022
OPERATING REVENUES
Charges for services 1,025,587$ 1,092,896$ 1,092,896$ -$ 698,940$
Total operating revenues 1,025,587 1,092,896 1,092,896 - 698,940
OPERATING EXPENSES
Materials and supplies 67,000 - - - -
Operational and contractual 59,105 82,648 89,114 6,466 66,210
Expenditure reimbursement paid to other funds 42,328 38,798 - (38,798) 41,095
Total operating expenses 168,433 121,446 89,114 (32,332) 107,305
OPERATING INCOME 857,154 971,450 1,003,782 32,332 591,635
NON-OPERATING REVENUES (EXPENSES)
Investment income 4,000 33,868 33,868 - (1,925)
Principal payments (843,609) (869,384) (752,584) 116,800 (506,572)
Interest expense - - (46,941) (46,941) (48,675)
Gain (loss) on disposal of capital assets 5,000 35,284 35,151 (133) (59,166)
Total non-operating revenues (expenses)(834,609) (800,232) (730,506) 69,726 (616,338)
INCOME BEFORE CONTRIBUTIONS 22,545 171,218 273,276 102,058 (24,703)
CAPITAL GRANTS AND CONTRIBUTIONS - 191,889 191,889 - -
CHANGE IN NET POSITION (BUDGETARY BASIS)22,545$ 363,107$ 465,165 102,058$ (24,703)
ADJUSTMENTS TO GAAP BASIS
Principal payments 752,584 506,572
Depreciation and amortization (929,619) (907,716)
Total adjustments to GAAP basis (177,035) (401,144)
CHANGE IN NET POSITION (GAAP BASIS)22,545$ 363,107$ 288,130 (425,847)
NET POSITION, JANUARY 1 3,036,753 3,444,324
Change in accounting principle - 18,276
NET POSITION, JANUARY 1, RESTATED 3,036,753 3,462,600
NET POSITION, DECEMBER 31 3,324,883$ 3,036,753$
2023
CAPITAL REPLACEMENT FUND
VILLAGE OF OAK BROOK, ILLINOIS
(With Comparative Actual)
For the Year Ended December 31, 2023
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS
(See independent auditor's report.)
- 112 -
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets defined as fiduciary activities.
PENSION TRUST FUNDS
Police Pension Fund - to account for the accumulation of resources used to pay police pension
benefits. Resources are provided by member contributions, employer contributions, and
investment income.
Firefighters’ Pension Fund - to account for the accumulation of resources used to pay
firefighters’ pension benefits. Resources are provided by member contributions, employer
contributions, and investment income.
Police Firefighters'
Pension Pension Total
ASSETS
Cash and short-term investments 3,019,825$ 489,638$ 3,509,463$
Investments held in the
Illinois Police Officer's
Pension Investment Fund 41,675,815 - 41,675,815
Investments held in the
Illinois Firefighters's
Pension Investment Fund - 34,448,588 34,448,588
Prepaid items 3,295 4,603 7,898
Total assets 44,698,935 34,942,829 79,641,764
LIABILITIES
Accounts payable 9,530 1,215 10,745
Total liabilities 9,530 1,215 10,745
NET POSITION RESTRICTED
FOR PENSIONS 44,689,405$ 34,941,614$ 79,631,019$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF NET POSITION
December 31, 2023
PENSION TRUST FUNDS
(See independent auditor's report.)
- 113 -
Police Firefighters'
Pension Pension Total
ADDITIONS
Contributions
Employer 2,847,989$ 2,754,407$ 5,602,396$
Employee 545,052 300,356 845,408
Total contributions 3,393,041 3,054,763 6,447,804
Investment income
Net appreciation in fair
value of investments 4,643,812 3,992,445 8,636,257
Interest 295,331 570,068 865,399
Total investment income 4,939,143 4,562,513 9,501,656
Less investment expenses (54,165) (40,404) (94,569)
Net investment income 4,884,978 4,522,109 9,407,087
Total additions 8,278,019 7,576,872 15,854,891
DEDUCTIONS
Benefits and refunds 3,771,802 3,379,811 7,151,613
Administrative expenses 44,204 48,130 92,334
Total deductions 3,816,006 3,427,941 7,243,947
NET INCREASE 4,462,013 4,148,931 8,610,944
NET POSITION RESTRICTED
FOR PENSIONS
January 1 40,227,392 30,792,683 71,020,075
December 31 44,689,405$ 34,941,614$ 79,631,019$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION
For the Year Ended December 31, 2023
PENSION TRUST FUNDS
(See independent auditor's report.)
- 114 -
STATISTICAL SECTION
This part of the Village of Oak Brook, Illinois’ annual comprehensive financial report presents
detailed information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about the Village’s
overall financial health.
Contents Page(s)
Financial Trends
These schedules contain trend information to help the reader understand how the
Village’s financial performance and well-being have changed over time.
115-124
Revenue Capacity
These schedules contain information to help the reader assess the Village’s most
significant local revenue source, the sales tax.
125-134
Debt Capacity
These schedules present information to help the reader assess the affordability
of the Village’s current levels of outstanding debt and the Village’s ability to
issue additional debt in the future.
135-137
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the Village’s financial activities take
place.
138-139
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the Village’s financial report relates to the
services the Village provides and the activities it performs.
140-145
Sources: Unless otherwise noted, the information in these schedules is derived from the annual
comprehensive financial reports for the relevant year.
Fiscal Year 2014 2015 2016 2017
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 60.7$ 60.7$ 60.5$ 61.8$
Restricted 11.5 11.3 12.3 14.8
Unrestricted (deficit)12.1 (27.2) (26.1) (27.1)
TOTAL GOVERNMENTAL ACTIVITIES 84.3$ 44.8$ 46.7$ 49.5$
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 30.6$ 31.3$ 30.6$ 29.9$
Restricted - - - -
Unrestricted 3.7 2.2 3.9 6.6
TOTAL BUSINESS-TYPE ACTIVITIES 34.3$ 33.5$ 34.5$ 36.5$
PRIMARY GOVERNMENT
Net investment in capital assets 91.3$ 92.0$ 91.1$ 91.7$
Restricted 11.5 11.3 12.3 14.8
Unrestricted (deficit)15.8 (25.0) (22.2) (20.5)
TOTAL PRIMARY GOVERNMENT 118.6$ 78.3$ 81.2$ 86.0$
Data Source
Audited Financial Statements
Data in millions
VILLAGE OF OAK BROOK, ILLINOIS
NET POSITION BY COMPONENT
Last Ten Fiscal Years
- 115 -
2018 2019 2020 2021 2022 2023
65.4$ 67.5$ 69.2$ 75.9$ 78.9$ 76.5$
15.3 15.1 12.6 13.4 17.8 21.3
(32.3) (30.8) (25.6) (21.3) (18.8) (9.2)
48.4$ 51.8$ 56.2$ 68.0$ 77.9$ 88.6$
29.8$ 34.0$ 37.5$ 44.1$ 41.2$ 41.1$
- - - 0.3 1.0 -
7.3 6.8 6.7 4.2 22.8 28.4
37.1$ 40.8$ 44.2$ 48.6$ 65.0$ 69.5$
95.2$ 101.5$ 106.7$ 120.0$ 120.1$ 117.6$
15.3 15.1 12.6 13.7 18.8 21.3
(25.0) (24.0) (18.9) (17.1) 4.0 19.2
85.5$ 92.6$ 100.4$ 116.6$ 142.9$ 158.1$
- 116 -
Fiscal Year 2014 2015 2016 2017
EXPENSES
Governmental Activities
General government 4.5$ 5.3$ 4.7$ 5.7$
Public safety 14.7 24.6 17.2 17.4
Public works 4.9 7.7 6.4 3.8
Culture and recreation 2.0 1.5 1.5 1.7
Interest on long-term debt 0.3 0.3 0.3 0.3
Total governmental activities expenses 26.4 39.4 30.1 28.9
Business-Type Activities
Water 7.0 8.0 7.9 7.9
Sports Core 3.6 3.7 3.4 3.5
Total business-type activities expenses 10.6 11.7 11.3 11.4
TOTAL PRIMARY GOVERNMENT EXPENSES 37.0$ 51.1$ 41.4$ 40.3$
PROGRAM REVENUES
Governmental Activities
Charges for services
General government 1.9$ 1.8$ 2.1$ 2.6$
Public safety 1.2 1.2 1.3 1.3
Operating grants and contributions 0.4 0.2 0.2 0.2
Capital grants 0.3 - - -
Total governmental activities program revenues 3.8 3.2 3.6 4.1
Business-Type Activities
Charges for services
Water 7.0 7.7 8.8 9.9
Sports Core 3.1 3.2 3.4 3.4
Golf' surcharge - - - 0.1
Capital grants
Sports Core - - - -
Total business-type activities program revenues 10.1 10.9 12.2 13.4
TOTAL PRIMARY GOVERNMENT PROGRAM
REVENUES 13.9$ 14.1$ 15.8$ 17.5$
NET REVENUES (EXPENSES)
Governmental activities (22.6)$ (36.2)$ (26.5)$ (24.8)$
Business-type activities (0.5) (0.8) 0.9 2.0
TOTAL PRIMARY GOVERNMENT NET
REVENUES (EXPENSES)(23.1)$ (37.0)$ (25.6)$ (22.8)$
VILLAGE OF OAK BROOK, ILLINOIS
CHANGE IN NET POSITION
Last Ten Fiscal Years
- 117 -
2018 2019 2020 2021 2022 2023
5.5$ 6.1$ 4.5$ 4.4$ 4.3$ 6.2$
18.9 18.9 15.5 14.6 21.2 22.5
5.0 5.3 5.1 4.6 4.5 5.6
1.7 1.8 2.3 1.3 1.4 1.7
0.3 0.2 0.2 0.2 0.2 -
31.4 32.3 27.6 25.1 31.6 36.0
8.8 7.1 6.8 8.3 7.4 7.9
3.5 3.8 3.2 3.2 3.5 3.9
12.3 10.9 10.0 11.5 10.9 11.8
43.7$ 43.2$ 37.6$ 36.6$ 42.5$ 47.8$
4.5$ 5.3$ 4.0$ 3.0$ 3.0$ 4.5$
1.5 1.8 1.0 1.5 1.8 2.3
0.2 0.2 0.9 0.5 0.7 0.6
- - - - 0.6 0.7
6.2 7.3 5.9 5.0 6.1 8.1
9.8 10.0 9.9 11.7 12.0 10.1
3.2 3.4 2.9 3.9 4.9 5.0
0.1 0.1 0.1 0.2 - -
- - - 0.2 - -
13.1 13.5 12.9 16.0 16.9 15.1
19.3$ 20.8$ 18.8$ 21.0$ 23.0$ 23.2$
(25.2)$ (25.0)$ (21.7)$ (20.1)$ (25.5)$ (27.9)$
0.8 2.6 2.9 4.5 6.0 3.3
(24.4)$ (22.4)$ (18.8)$ (15.6)$ (19.5)$ (24.6)$
- 118 -
Fiscal Year 2014 2015 2016 2017
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental Activities
Taxes
Sales and local use taxes 17.7$ 18.1$ 19.3$ 18.3$
Utility 5.2 5.7 6.0 6.0
Other 2.5 2.8 2.7 3.0
Intergovernmental - - - -
Investment earnings (0.2) 0.2 0.3 0.3
Special items - - - -
Miscellaneous - 0.2 - -
Transfers (0.5) (0.5) - -
Total governmental activities 24.7 26.5 28.3 27.6
Business-Type Activities
Investment earnings - - - -
Miscellaneous - - - -
Gain on sale of capital assets - - - -
Transfers 0.5 0.5 - -
Total business-type activities 0.5 0.5 - -
TOTAL PRIMARY GOVERNMENT 25.2$ 27.0$ 28.3$ 27.6$
CHANGE IN NET POSITION
Governmental activities 2.1$ (9.7)$ 1.8$ 2.8$
Business-type activities - (0.3) 0.9 2.0
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION 2.1$ (10.0)$ 2.7$ 4.8$
Note: Intergovernmental revenues were presented separately beginning in 2021.
Data Source
Audited Financial Statements
Data in millions
Last Ten Fiscal Years
VILLAGE OF OAK BROOK, ILLINOIS
CHANGE IN NET POSITION (Continued)
- 119 -
2018 2019 2020 2021 2022 2023
18.6$ 21.5$ 18.9$ 7.1$ 7.8$ 7.9$
6.1 6.3 5.8 5.7 5.2 4.3
3.2 0.1 0.1 1.3 1.9 2.2
- - - 17.5 20.1 19.7
0.6 1.1 0.6 (0.1) (0.1) 2.7
- - - - - 1.7
- 0.1 1.1 0.3 0.4 0.1
- (0.7) (0.4) - - -
28.5 28.4 26.1 31.8 35.3 38.6
0.1 0.2 0.1 - 0.03 1.18
- 0.1 (0.1) - - -
- - - - 10.40 -
- 0.7 0.4 - - -
0.1 1.0 0.4 - 10.43 1.2
28.6$ 29.4$ 26.5$ 31.8$ 45.7$ 39.8$
3.3$ 3.4$ 4.4$ 11.7$ 9.8$ 10.7$
0.9 3.6 3.3 4.5 16.4 4.5
4.2$ 7.0$ 7.7$ 16.2$ 26.2$ 15.2$
- 120 -
Fiscal Year 2014 2015 2016 2017
GENERAL FUND
Nonspendable 109,092$ 53,406$ 58,444$ 56,649$
Unrestricted
Committed - - - -
Assigned 205,050 - - -
Unassigned 15,799,127 17,206,014 20,014,100 20,998,025
TOTAL GENERAL FUND 16,113,269$ 17,259,420$ 20,072,544$ 21,054,674$
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable -$ -$ -$ -$
Restricted 11,533,335 11,296,764 12,439,354 14,813,261
TOTAL ALL OTHER GOVERNMENTAL FUNDS 11,533,335$ 11,296,764$ 12,439,354$ 14,813,261$
Data Source
Audited Financial Statements
VILLAGE OF OAK BROOK, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 121 -
2018 2019 2020 2021 2022 2023
56,010$ 90,072$ 55,521$ 55,773$ 55,869$ 60,448$
- - - - - -
- - - - - -
21,697,317 24,963,696 28,146,628 31,292,165 38,452,034 42,523,746
21,753,327$ 25,053,768$ 28,202,149$ 31,347,938$ 38,507,903$ 42,584,194$
-$ -$ -$ -$ -$ 125,000$
15,356,444 15,040,518 12,636,679 12,192,144 13,797,607 21,341,458
15,356,444$ 15,040,518$ 12,636,679$ 12,192,144$ 13,797,607$ 21,466,458$
- 122 -
Fiscal Year 2014 2015 2016 2017
REVENUES
Sales tax 12,149,324$ 12,346,857$ 13,072,837$ 12,481,210$
Non-home rules sales tax 5,384,857 5,637,241 5,991,262 5,581,924
Other intergovernmental 2,274,102 1,925,962 1,939,598 1,929,507
Utility taxes 5,203,835 5,673,868 5,967,345 6,033,358
Hotel/motel tax 1,049,631 1,194,811 1,270,131 1,265,583
Licenses and permits 1,448,471 1,385,341 1,882,598 2,205,571
Charges for services 1,044,934 1,058,929 1,075,234 1,106,204
Fines and permits 189,060 177,588 159,799 144,833
Investment income (155,427) 138,593 203,467 309,786
Miscellaneous 424,552 625,504 421,967 457,543
Total revenues 29,013,339 30,164,694 31,984,238 31,515,519
EXPENDITURES
General government 5,072,205 4,331,061 4,343,678 5,019,819
Public safety 14,324,720 14,597,010 15,190,063 16,155,248
Public works 4,937,146 7,520,877 6,055,657 3,772,803
Culture and recreations 1,898,393 1,635,690 1,709,465 2,467,432
Capital outlay - - - -
Debt service - principal 425,000 384,913 420,000 457,000
Interest and issuance costs 346,094 326,465 309,761 287,180
Total expenditures 27,003,558 28,796,016 28,028,624 28,159,482
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,009,781 1,368,678 3,955,614 3,356,037
OTHER FINANCING SOURCES (USES)
Transfers in 156,840 - 516,221 548,454
Transfers (out)(630,897) (459,098) (516,221) (548,454)
Proceeds from sale of capital assets - - - -
SBITA issuance - - - -
Installment contract issuance - - - -
Total other financing sources (uses)(474,057) (459,098) - -
NET CHANGE IN FUND BALANCES 1,535,724$ 909,580$ 3,955,614$ 3,356,037$
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES 2.86%2.47%2.69%2.84%
Data Source
Audited Financial Statements
VILLAGE OF OAK BROOK, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 123 -
2018 2019 2020 2021 2022 2023
12,685,797$ 12,613,608$ 11,507,051$ 16,021,359$ 17,699,843$ 17,524,488$
5,691,536 5,642,898 4,914,208 6,759,561 7,363,215 7,528,765
1,943,897 2,236,957 3,030,231 3,010,075 4,634,016 4,323,394
6,137,283 6,286,242 5,794,806 5,698,119 5,214,840 4,286,590
1,340,495 1,292,756 458,752 811,146 1,382,607 1,576,776
3,185,402 3,640,730 3,534,650 2,438,302 2,452,506 3,843,934
1,155,142 1,437,850 1,178,173 1,692,157 2,181,752 2,714,860
192,321 203,376 343,288 328,234 257,345 244,617
596,092 1,026,260 621,472 (53,795) (71,167) 2,652,880
609,096 719,806 291,994 261,315 532,126 855,485
33,537,061 35,100,483 31,674,625 36,966,473 41,647,083 45,551,789
6,818,223 4,453,602 3,844,521 4,030,036 4,970,896 5,495,820
16,652,456 17,369,681 16,297,554 16,616,802 17,605,278 21,639,938
6,765,330 8,265,502 7,723,413 11,946,228 8,426,238 4,862,737
1,569,396 1,586,045 2,151,134 1,190,653 1,392,983 1,500,603
- - - - - -
227,000 217,000 305,000 280,000 308,200 479,837
262,820 243,980 224,900 201,500 178,060 83,229
32,295,225 32,135,810 30,546,522 34,265,219 32,881,655 34,062,164
1,241,836 2,964,673 1,128,103 2,701,254 8,765,428 11,489,625
7,790 724,360 971,212 6,450,463 - 1,000,000
(7,790) (704,518) (1,354,773) (6,450,463) - (1,500,000)
- - - - - -
- - - - - 344,261
- - - - - 411,256
- 19,842 (383,561) - - 255,517
1,241,836$ 2,984,515$ 744,542$ 2,701,254$ 8,765,428$ 11,745,142$
1.64%1.64%2.01%1.89%1.78%1.74%
- 124 -
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Levy Years
(data in thousands)
Total Estimated Estimated
Total Taxable Direct Actual Actual
Levy Residential Commercial Industrial Railroad Assessed Tax Taxable Taxable
Year Property Property Property Property Value Rate Value Value
2014 849,811$ 414,919$ -$ 13$ 1,264,743$ -$ 3,794,229$ 33.333%
2015 895,787 440,733 - 13 1,336,533 - 4,009,599 33.333%
2016 967,085 461,677 - 13 1,428,775 - 4,286,325 33.333%
2017 1,024,334 486,517 - 13 1,510,864 - 4,532,592 33.333%
2018 1,053,490 508,384 - 13 1,561,887 - 4,685,661 33.333%
2019 1,062,063 538,892 - 13 1,600,968 - 4,802,904 33.333%
2020 1,106,164 536,254 - 13 1,642,431 - 4,927,293 33.333%
2021 1,127,218 546,817 - 13 1,674,048 - 5,022,144 33.333%
2022 1,128,117 546,829 - 13 1,674,959 - 5,024,877 33.333%
2023 1,152,379 571,428 - 13 1,723,820 - 5,171,460 33.333%
Data Source
Office of the County Clerk
DuPage and Cook County
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value. Data in thousands.
- 125 -
Tax Levy Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Tax Rates
Village of Oak Brook -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Basic Town 0.4993 0.4783 0.4490 0.4145 0.4006 0.3932 0.3848 0.3848 0.3848 0.3605
Junior College #502 0.2975 0.2786 0.2626 0.2431 0.2317 0.2112 0.2114 0.2114 0.2114 0.1946
Grade School #53 1.2932 1.2435 1.1710 1.1415 1.1447 1.1591 1.1643 1.1643 1.1643 1.2165
High School #86 1.5921 1.5592 1.4731 1.4380 1.4415 1.6110 1.6142 1.6129 1.6129 1.6639
Oak Brook Park District 0.2442 0.2349 0.2229 0.2184 0.2940 0.2923 0.2874 0.2874 0.2874 0.3081
TOTAL TAX RATES 3.9263$ 3.7945$ 3.5786$ 3.4555$ 3.5125$ 3.6668$ 3.6621$ 3.6608$ 3.6608$ 3.7436$
Note: Basic Town includes all county, forest preserve, and township rates. Property tax rates are per $100 of assessed valuation.
Data Source
Office of the County Clerk
VILLAGE OF OAK BROOK, ILLINOIS
DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Levy Years
- 126 -
Sales Sales
Taxes Taxes
Taxpayer Revenue Taxpayer Revenue
Ahead Inc.Apple Inc.
Apple Inc.Carvana LLC
Carvana LLC Lord & Taylor LLC
CD Peacock 1837 Inc.Macy's
Costco Wholesale 388 The Neiman Marcus Group LLC
Louis Vuitton Nordstrom Inc.
Macys Nordstrom Rack
Nordstrom Inc.Sears Roebuck & Co.
Room & Board Inc.Tesla Motors, Inc.
The Neiman Marcus Group LLC Tiffany & Co.
TOP TEN TOTAL 7,320,731 $ TOP TEN TOTAL 6,180,056 $
TOTAL SALES TAX REVENUE 17,404,486 $ TOTAL SALES TAX REVENUE 12,004,427 $
TOP TEN AS A PERCENT OF TOP TEN AS A PERCENT OF
SALES TAX REVENUE 42.06%SALES TAX REVENUE 51.48%
Data Source
Illinois Department of Revenue - above represents January 1 - December 31 Village cash collections.
Note:Confidentiality rules of the Illinois Department of Revenue prohibit disclosure of individual taxpayer payment
information.The data presented above is organized alphabetically with revenue for the top ten taxpayers reported in
aggregate for the years presented.
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL SALES TAX PAYERS
Current Year and Nine Years Ago
2023 2014
- 127 -
DuPage County Regional
Village Water Transportation Village
Fiscal Direct State DuPage County Commission Authority Non-Home Rule Total
Year Rate Rate Rate Rate Rate Rate Rate
2014 1.00%5.00%0.25%0.25%0.75%0.50%7.75%
2015 1.00%5.00%0.25%0.25%0.75%0.50%7.75%
2016 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2017 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2018 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2019 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2020 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2021 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2022 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2023 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
Data Sources
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
DIRECT AND OVERLAPPING SALES TAX RATES
Last Ten Fiscal Years
- 128 -
(1)
Estimated Sales 2020
Municipality Rank Sales Per Capita Population
Chicago 1 38,678,280,251$ 14,083$ 2,746,388
Naperville 2 4,754,434,419 31,794 149,540
Schaumburg 3 4,190,009,928 53,225 78,723
Springfield 4 3,675,376,890 32,129 114,394
Mt. Prospect 5 3,488,245,797 61,357 56,852
Aurora 6 3,180,958,054 17,619 180,542
Joliet 7 3,053,986,825 20,311 150,362
Rockford 8 2,978,644,911 20,037 148,655
Peoria 9 2,655,491,159 23,469 113,150
Orland Park 10 2,587,590,538 44,079 58,703
Glenview 11 2,371,513,514 48,691 48,705
Champaign 12 2,242,314,290 25,394 88,302
Bloomington 13 2,165,368,379 27,521 78,680
Elgin 14 2,097,445,402 18,271 114,797
Bolingbrook 15 2,007,340,614 27,155 73,922
Niles 16 1,934,070,411 34,555 55,971
Skokie 17 1,906,492,183 28,109 67,824
Vernon Hills 18 1,813,650,355 67,547 26,850
Tinley Park 19 1,799,126,327 58,202 30,912
St. Charles 20 1,770,366,875 30,334 58,362
Oak Brook 21 1,756,592,420 215,190 8,163
Elk Grove Village 22 1,622,871,873 50,610 32,066
Normal 23 1,579,399,308 29,470 53,594
Downers Grove 24 1,558,745,904 31,022 50,247
Arlington Heights 25 1,543,347,986 19,869 77,676
Data Source
Source: U.S. Census Bureau, 2020 Population Estimates.
VILLAGE OF OAK BROOK, ILLINOIS
RETAIL SALES VOLUME - TOP 25 ILLINOIS COMMUNITIES
State Collection Period January 1, 2023 Through December 31, 2023
Note (1):Distributions to municipalities of the 1%municipal tax were used to calculate the
estimated retail sales.Actual sales tax amounts were received by the municipalities April 1,2023
through March 31, 2024.
- 129 -
% Change % Change % Change
Fiscal Year Village Share/from Non-Home Rule from Total from
Ended State Sales Preceding Sales Tax Preceding Sales Tax Preceding
December 31,Tax Receipts Year Receipts Year Receipts Year
2014 12,004,427$ 3.12%5,336,836$ 3.19%17,341,263$ 3.14%
2015 12,376,637 3.10%5,667,235 6.19%18,043,872 4.05%
2016 13,021,926 5.21%5,997,652 5.83%19,019,578 5.41%
2017 12,541,909 (3.69%)5,711,846 (4.77%)18,253,755 (4.03%)
2018 12,364,673 (1.41%)5,581,941 (2.27%)17,946,614 (1.68%)
2019 12,585,990 1.79%5,682,101 1.79%18,268,091 1.79%
2020 11,743,296 (6.70%)5,097,177 (10.29%)16,840,473 (7.81%)
2021 14,352,323 22.22%6,076,409 19.21%20,428,732 21.31%
2022 17,984,683 25.31%7,471,148 22.95%25,455,831 24.61%
2023 17,704,486 (1.56%)7,518,876 0.64%25,223,362 (0.91%)
Data Source
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
SALES TAX RECEIPTS - CASH BASIS
Last Ten Fiscal Years
- 130 -
Month 2018 2019 2020 2021 2022 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
January 941,951$ 1,054,244 $ 1,007,062$ 1,152,252$ 1,439,904$ 1,439,420$ 11.92%(4.48%)14.42%24.96%(0.03%)
February 1,041,681 1,152,709 1,147,328 1,093,000 1,532,727 1,432,666 10.66%(0.47%)(4.74%)40.23%(6.53%)
March 1,639,138 1,704,528 1,753,040 1,481,425 2,387,675 2,265,277 3.99%2.85%(15.49%)61.17%(5.13%)
April 837,767 723,019 909,241 805,520 1,131,169 1,132,843 (13.70%)25.76%(11.41%)40.43%0.15%
May 768,902 785,897 891,829 862,808 1,183,441 1,172,490 2.21%13.48%(3.25%)37.16%(0.93%)
June 994,866 975,961 751,814 1,127,264 1,464,776 1,343,764 (1.90%)(22.97%)49.94%29.94%(8.26%)
July 918,572 936,555 421,088 1,080,672 1,420,923 1,327,410 1.96%(55.04%)156.64%31.49%(6.58%)
August 1,066,624 1,071,211 459,383 1,246,636 1,483,558 1,488,644 0.43%(57.12%)171.37%19.00%0.34%
September 1,058,046 1,054,405 890,754 1,310,110 1,539,864 1,582,997 (0.34%)(15.52%)47.08%17.54%2.80%
October 1,020,698 1,013,832 1,001,518 1,316,459 1,471,009 1,472,196 (0.67%)(1.21%)31.45%11.74%0.08%
November 1,092,064 1,109,019 1,156,812 1,458,671 1,531,865 1,628,728 1.55%4.31%26.09%5.02%6.32%
December 984,364 1,004,610 1,353,427 1,417,506 1,397,773 1,418,048 2.06%34.72%4.73%(1.39%)1.45%
TOTAL 12,364,673$ 12,585,990$ 11,743,296$ 14,352,323$ 17,984,684$ 17,704,483$ 1.79%(6.70%)22.22%25.31%(1.56%)
Data Source
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
STATE SALES TAX RECEIPTS BY MONTH - CASH BASIS
Last Six Fiscal Years
Fiscal Year Ended December 31,
Percentage Change
From Preceding Year
- 131 -
Month 2018 2019 2020 2021 2022 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
January 420,506$ 470,364 $ 455,347 $ 503,530 $ 583,906 $ 580,095 $ 11.86%(3.19%)10.58%15.96%(0.65%)
February 472,116 527,597 523,295 468,508 620,650 604,448 11.75%(0.82%)(10.47%)32.47%(2.61%)
March 758,180 794,849 806,633 656,995 1,034,891 976,828 4.84%1.48%(18.55%)57.52%(5.61%)
April 373,991 321,103 390,845 324,939 441,234 493,190 (14.14%)21.72%(16.86%)35.79%11.78%
May 341,784 351,510 386,430 362,110 459,331 503,671 2.85%9.93%(6.29%)26.85%9.65%
June 449,890 441,058 306,259 493,875 570,884 556,595 (1.96%)(30.56%)61.26%15.59%(2.50%)
July 417,534 423,426 159,445 467,393 560,876 564,620 1.41%(62.34%)193.14%20.00%0.67%
August 486,225 482,610 176,726 547,423 636,568 635,476 (0.74%)(63.38%)209.76%16.28%(0.17%)
September 482,931 475,733 386,033 566,663 659,035 681,996 (1.49%)(18.86%)46.79%16.30%3.48%
October 465,528 460,860 430,006 540,135 643,915 649,642 (1.00%)(6.69%)25.61%19.21%0.89%
November 469,270 479,809 468,485 568,062 659,158 659,986 2.25%(2.36%)21.26%16.04%0.13%
December 443,986 453,182 607,673 576,774 600,701 612,330 2.07%34.09%(5.08%)4.15%1.94%
TOTAL 5,581,941$ 5,682,101$ 5,097,177$ 6,076,407$ 7,471,149$ 7,518,877$ 1.79%(10.29%)19.21%22.95%0.64%
Note: The Village's non-home rule sales tax was effective July 1, 2004 with collections beginning in October 2004.
Data Source
Village Records
Percentage Change
From Preceding Year
VILLAGE OF OAK BROOK, ILLINOIS
NON-HOME RULE SALES TAX RECEIPTS BY MONTH - CASH BASIS
Last Six Fiscal Years
Fiscal Year Ended December 31,
- 132 -
Fiscal Years 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General merchandise 1,611,302$ 1,408,191$ 1,305,272$ 1,180,117$ 1,142,607$ 1,056,602$ 598,450$ 945,102$ 970,078$ 1,061,957$
Food 57,974 170,497 167,143 191,370 212,053 194,717 104,847 144,642 165,939 111,949
Drinking and eating places 1,717,184 1,770,370 1,844,551 1,866,420 1,931,879 1,909,022 1,087,384 1,799,466 2,402,304 2,686,463
Apparel 3,141,898 3,078,876 2,989,258 2,931,827 2,947,860 2,840,152 1,574,681 2,972,244 3,380,277 3,447,718
Furniture, H.H., and radio 1,421,458 1,606,454 1,613,318 1,472,053 1,601,424 1,485,474 1,163,192 1,509,090 1,830,894 1,773,111
Lumber, building, and hardware 8,686 6,623 4,642 6,603 1,478 56,539 793,096 658,569 639,377 368,841
Automotive and filling stations 1,682,593 1,698,040 1,683,947 1,884,059 1,921,190 2,003,910 2,339,720 3,336,501 3,894,779 3,400,261
Drugs and other retail 1,530,596 1,817,539 1,857,751 1,842,238 1,761,720 1,784,167 1,637,361 2,666,575 2,826,391 3,129,249
Agriculture and all others 486,652 506,631 1,368,475 805,122 633,820 594,012 520,394 735,593 906,174 1,016,130
Manufacturers 451,814 238,943 204,789 262,420 499,353 657,270 1,743,418 1,211,306 663,358 484,880
TOTAL 12,110,156$ 12,302,164$ 13,039,146$ 12,442,229$ 12,653,384$ 12,581,865$ 11,562,543$ 15,979,088$ 17,679,571$ 17,480,559$
Village direct sales tax rate 1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%
Note: Gross receipts include both Cook and DuPage County 1% municipal sales tax. Amounts reflect sales tax collected by the Village between April 1 and March 31 as reported by the state.
Data Source
Illinois Department of Revenue - Local Tax Allocation Division
VILLAGE OF OAK BROOK, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Fiscal Years
- 133 -
Fiscal Years 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General merchandise 799,234$ 697,506$ 646,561$ 584,228$ 566,703$ 522,037$ 294,715$ 466,236$ 479,821$ 523,583$
Food 26,475 82,154 79,404 90,688 100,691 93,947 51,418 71,292 81,824 55,037
Drinking and eating places 854,898 880,598 916,540 927,586 945,281 952,124 537,493 895,054 1,190,009 1,337,673
Apparel 1,570,256 1,538,617 1,493,830 1,464,698 1,450,824 1,419,082 786,163 1,484,558 1,688,306 1,722,388
Furniture, H.H., and radio 707,730 801,746 806,090 737,997 788,327 742,296 579,513 753,972 915,160 886,176
Lumber, building, and hardware 4,341 3,290 2,311 3,292 721 28,266 396,548 329,285 314,423 184,342
Automotive and filling stations 461,447 454,848 443,470 505,785 523,197 538,943 504,204 577,852 657,617 639,359
Drugs and other retail 717,631 862,594 880,058 871,568 824,589 848,731 761,027 1,266,415 1,363,153 1,508,030
Agriculture and all others 221,375 233,499 662,998 375,069 282,685 268,657 226,688 335,313 420,463 474,537
Manufacturers 78,163 80,757 88,331 125,245 240,930 326,811 871,347 605,480 331,433 242,169
TOTAL 5,441,550$ 5,635,609$ 6,019,593$ 5,686,156$ 5,723,948$ 5,740,894$ 5,009,116$ 6,785,457$ 7,442,209$ 7,573,294$
Village non-home rule sales tax rate 0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%
Note: Gross receipts include both Cook and DuPage County 1% municipal sales tax. Amounts reflect sales tax collected between April 1 and March 31 as reported by the state.
Data Source
Illinois Department of Revenue - Local Tax Allocation Division
VILLAGE OF OAK BROOK, ILLINOIS
NON-HOME RULE SALES TAX BY CATEGORY
Last Ten Fiscal Years
- 134 -
VILLAGE OF OAK BROOK, ILLINOIS
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Ratio of
Total
Business-Type Outstanding Total
Activities Debt to Outstanding Total
Installment Installment Total Equalized Debt Per Outstanding
Fiscal Notes Installment Notes Primary Assessed Personal Debt Per
Year Payable Contract Leases SBITAs Payable Government Valuation* Income Capita*
2014 4,592,176$ -$ -$ -$ -$ 4,592,176$ 0.36%0.44%582.54$
2015 4,207,263 - - - - 4,207,263 0.33%0.41%533.71
2016 3,787,263 - - - - 3,787,263 0.28%0.36%480.43
2017 3,330,263 - - - - 3,330,263 0.23%0.31%422.46
2018 3,103,263 - 61,509 - - 3,164,772 0.21%0.30%401.47
2019 2,886,263 - 450,871 - - 3,337,134 0.21%0.31%423.33
2020 2,581,263 - 534,667 - - 3,115,930 0.19%0.29%395.27
2021 2,301,263 - 501,602 - - 2,802,865 0.18%0.27%343.36
2022**1,993,063 - 2,207,515 - - 4,200,578 0.26%0.35%514.59
2023***- 315,668 1,906,398 405,602 - 2,627,668 0.16%0.20%321.90
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
Data Source
Village records
***The Village implemented GASB Statement No. 96 for the fiscal year ended December 31, 2023.
Activities
Governmental
*See the schedule of Demographic and Economic Information on page 138 for personal income and population.
**The Village implemented GASB Statement No. 87 for the fiscal year ended December 31, 2022.
- 135 -
(2)
*Percentage
(1)of Debt (3)
Gross Applicable to **Government's
Debt Government Share of Debt
DIRECT DEBT
Village of Oak Brook 1,906,398$ 100.00%1,906,398$
OVERLAPPING DEBT
DuPage County 137,893,149 3.77%5,191,703
DuPage Forest Preserve 80,425,000 3.77%3,028,017
DuPage Water Commission - 4.17%-
Sanitary Districts - 18.40%-
Park Districts 21,424,136 80.23%17,187,886
Elementary School Districts 217,107,102 20.17%43,784,622
High School Districts 318,245,578 10.39%33,053,669
Junior College 502 103,020,000 3.89%4,011,295
Unit District 205 258,822,530 5.17%13,372,183
Total overlapping debt 1,136,937,495 119,629,375
TOTAL 1,138,843,893$ 121,535,773$
Note: Totals may not be exact due to rounding.
**Amount in column (2) multiplied by amount in column (1).
Data Source
Office of the County Clerk
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
December 31, 2023
VILLAGE OF OAK BROOK, ILLINOIS
Governmental Unit
*Determined by ratio of assessed value of property subject to taxation in overlapping unit to value
of subject to taxation in the Village.
- 136 -
Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Legal debt limit 109,992,484$ 109,084,108$ 115,276,061$ 123,289,569$ 130,392,337$ 134,790,061$ 138,083,532$ 144,386,656$ 144,386,656$ 148,679,632$
Total net debt
applicable to limit 820,000 555,000 280,000 - - - - - - -
LEGAL DEBT MARGIN 109,172,484$ 108,529,108$ 114,996,061$ 123,289,569$ 130,392,337$ 134,790,061$ 138,083,532$ 144,386,656$ 144,386,656$ 148,679,632$
Total net debt applicable
to the limit as a
percentage of debt limit 0.75%0.51%0.24%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Legal Debt Margin Calculation for Fiscal Year 2023
Assessed value 1,723,821,817$
Legal debt margin 8.625%
Debt limit 148,679,632
Debt applicable to limit
General obligation bonds -
LEGAL DEBT MARGIN 148,679,632$
VILLAGE OF OAK BROOK, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
- 137 -
Per
Capita
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
2014 7,883 (E)131,719$ 1,038,340,877$ 4.6%
2015 7,883 (E)131,719 1,038,340,877 4.6%
2016 7,883 (E)131,719 1,038,340,877 4.4%
2017 8,077 (E)131,719 1,063,894,363 3.9%
2018 8,077 (E)131,719 1,063,894,363 2.9%
2019 8,077 (E)131,719 1,063,894,363 2.2%
2020 8,077 (E)131,719 1,063,894,363 6.7%
2021 8,163 (E)131,719 1,075,222,197 4.5%
2022 8,163 (E)146,409 1,195,136,667 3.7%
2023 8,163 (E)158,663 1,295,166,069 3.7%
(E) Estimate
Note: Latest information available for DuPage County
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 138 -
% of % of
Number of Total Village Number of Total Village
Employer Employees Rank Population Employees Rank Population
Oakbrook Center Mall 1 7,275 89.12%1 4500 57.1%
Advocate Health Care 2 1,853 22.70%3 1906 24.2%
Ace Hardware Corporation 3 1,096 13.43%4 836 10.6%
Hub Group 4 640 7.84%6 540 6.9%
Chamberlain Group 5 600 7.35%
Millenium Trust 6 477 5.84%
Blistex 7 455 5.57%10 210 2.7%
Inland Real Estate Group of Companies 8 357 4.37%5 783 9.9%
TreeHouse Foods 9 329 4.03%
Lions Clubs International 10 321 3.93%8 280 3.6%
McDonald's Corporation 2 2525 32.0%
ADT Security Service, Inc.7 360 4.6%
Newell Rubbermaid 9 263 3.3%
Follett Higher Education
Data Source
Selective Telephone and Email Survey
2014
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2023
- 139 -
Function/Program 2014 2015 2016 2017
GENERAL GOVERNMENT
Board of Trustees 0.50 0.50 0.50 0.50
Village Clerk 1.25 2.75 2.08 2.03
Legal 0.25 0.25 0.35 0.00
General Management 3.00 2.00 1.72 1.60
Human Resources 2.00 2.00 1.10 1.28
Risk Management 0.50 0.50 0.20 0.20
Customer Service 0.00 0.00 1.20 1.20
Business Licenses 0.00 0.00 0.00 0.00
Communications and Marketing 0.50 0.00 0.00 0.00
Purchasing 1.00 1.00 0.00 0.00
Information Services 2.00 2.00 2.65 2.90
Geographic Information Systems 0.00 0.00 0.35 0.35
Total General Government 11.00 11.00 10.15 10.06
FINANCIAL SERVICES
Financial Services Management 1.00 1.00 0.88 1.00
Accounting and Reporting 3.00 3.00 4.05 3.05
Customer Service 1.50 1.50 0.00 0.00
Purchasing 0.00 0.00 1.00 1.00
Total Financial Services 5.50 5.50 5.93 5.05
PUBLIC WORKS
Buildings and Grounds 1.00 1.00 1.00 1.50
Forestry 0.00 0.00 0.20 0.20
Garage Operations 2.00 2.00 2.48 2.48
Water Operations 7.00 7.00 7.00 7.00
Public Works Management 2.50 2.50 3.00 3.00
Streets - General Salaries 6.50 6.50 6.90 7.90
Total Public Works 19.00 19.00 20.58 22.08
LIBRARY
Library General Operations 5.50 6.50 5.88 5.75
Technical Services 2.00 2.00 1.80 1.80
Reference and User Services 3.00 2.00 1.95 1.90
Youth Services 2.00 2.00 1.95 1.90
Total Library 12.50 12.50 11.58 11.35
POLICE
Police Services Management 3.00 3.00 3.00 3.00
Police Field Services 31.00 31.00 32.20 32.20
Police Auxiliary 0.00 5.00 0.28 0.50
Police General Support 4.00 4.00 4.00 4.00
Police Investigations 6.00 6.00 6.00 6.00
Village Communications Center 0.00 0.00 0.00 0.00
Police Support Services 3.50 3.50 3.25 3.25
Police Adjudication 0.00 0.00 0.00 0.00
Total Police 47.50 52.50 48.73 48.95
VILLAGE OF OAK BROOK, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 140 -
2018 2019 2020 2021 2022 2023
0.50 0.50 0.50 0.50 0.50 0.45
1.58 1.55 1.55 1.55 1.55 1.55
0.00 0.00 0.00 0.00 0.00 0.00
1.60 1.50 1.50 1.50 1.50 2.50
0.95 1.25 1.25 1.25 1.25 2.00
0.20 0.20 0.20 0.20 0.20 0.00
1.20 1.20 1.20 0.90 0.90 0.90
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
2.40 2.95 2.95 1.90 1.90 2.00
0.35 0.35 0.70 0.70 0.70 0.00
8.78 9.50 9.85 8.50 8.50 9.40
1.00 1.00 1.00 1.00 1.00 1.00
3.05 3.40 3.70 3.70 3.70 3.00
0.00 0.00 0.00 0.00 0.00 0.00
1.00 1.00 1.00 1.00 1.00 1.00
5.05 5.40 5.70 5.70 5.70 5.00
3.00 2.00 2.50 2.50 2.50 2.50
0.20 0.20 0.20 0.20 0.00 0.00
1.98 1.98 1.98 1.98 1.98 1.50
7.00 7.00 7.00 7.00 5.50 5.50
3.00 3.00 3.00 3.00 3.00 3.00
7.40 7.40 7.40 7.40 6.70 7.50
22.58 21.58 22.08 22.08 19.68 20.00
4.75 5.10 5.55 5.25 5.25 5.25
1.80 1.80 1.80 1.80 1.80 1.80
1.90 1.90 1.90 3.75 3.75 3.75
1.90 1.95 1.95 0.00 0.00 0.00
10.35 10.75 11.20 10.80 10.80 10.80
3.00 3.00 3.00 3.00 2.00 3.00
32.20 33.00 33.00 33.00 37.00 32.00
0.50 0.50 0.50 0.50 3.50 3.50
4.00 4.00 5.00 5.00 4.00 5.00
6.00 6.00 6.00 6.00 6.00 6.00
0.00 0.00 0.00 0.00 0.00 0.00
3.25 3.25 3.25 2.00 2.00 4.00
0.00 0.00 0.00 0.00 0.00 0.00
48.95 49.75 50.75 49.50 54.50 53.50
- 141 -
Function/Program 2014 2015 2016 2017
FIRE***
Fire and EMS - General Salaries**31.00 31.00 31.00 31.00
Rescue and Fire Service Management 2.20 2.85 2.35 2.35
Fire Rescue and Training 0.00 0.00 0.20 0.20
Emergency Medical Service 6.00 6.00 6.40 6.40
Fire Prevention and Public Safety Education 0.00 0.00 3.60 3.60
Total Fire 39.20 39.85 43.55 43.55
SPORTS CORE
Sports Core General Operations 1.50 0.50 1.40 1.50
Swimming Operations 1.40 1.40 1.40 1.15
Tennis 1.15 1.15 1.15 0.65
Sports Core Food & Beverage Operations 1.00 1.50 1.50 1.75
Poolside Grill Food & Beverage Operations 0.80 0.80 0.80 0.80
Golf Club Food & Beverage Operations 0.50 0.50 3.80 3.80
Golf Club General Operations 2.00 2.00 8.00 10.15
Golf Learning and Practice 1.50 1.50 1.50 1.50
Golf Cart Operations 1.10 1.10 1.10 1.10
Golf Course Maintenance 3.00 3.00 13.50 12.50
Total Sports Core 13.95 13.45 34.15 34.90
COMMUNITY DEVELOPMENT
Engineering 3.50 3.50 3.40 2.36
Community Development Management 2.50 2.50 2.60 2.60
Code Enforcement 5.50 6.00 5.91 5.26
Total Community Development 11.50 12.00 11.91 10.22
TOTAL 160.15 165.80 186.58 186.16
Data Source
Village Records
**Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/paramedics.
***Part-time positions that are filled by off-duty full-time Fire Department personnel are not included.These positions
include Fire Prevention Inspectors,Building Inspectors,Administrative Aide,EMS Director,Public Safety Information
Coordinator, and CPR Coordinator.
VILLAGE OF OAK BROOK, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES (Continued)
Last Ten Fiscal Years
Note:Summary represents full-time equivalent positions not including seasonal,temporary,or situational employees.Regular
part-time employee hours have been rounded to the nearest quarter full-time equivalent.
- 142 -
2018 2019 2020 2021 2022 2023
31.00 31.00 30.00 30.00 30.00 27.00
2.35 2.35 2.35 2.35 1.60 5.00
0.20 0.20 0.20 0.20 0.20 0.20
6.60 11.60 9.50 0.50 0.50 0.50
3.60 3.60 3.60 3.60 3.50 2.50
43.75 48.75 45.65 36.65 35.80 35.20
1.40 1.15 1.00 1.00 1.00 0.00
1.15 0.75 0.75 0.25 0.25 1.10
0.75 0.75 0.50 0.00 0.50 0.00
1.10 1.50 1.80 1.80 1.80 1.00
0.00 0.80 0.80 0.80 0.80 0.80
3.80 3.80 3.80 3.80 5.30 5.30
10.15 10.15 10.00 10.00 10.00 7.20
1.50 1.50 1.50 1.50 1.50 1.60
1.10 1.10 1.10 1.10 1.10 1.10
12.50 12.00 12.00 12.00 11.00 6.70
33.45 33.50 33.25 32.25 33.25 24.80
1.88 1.88 1.88 1.88 1.88 0.00
3.05 3.05 3.05 3.05 3.25 3.65
5.26 5.26 5.26 5.26 5.53 5.01
10.19 10.19 10.19 10.19 10.66 8.66
183.10 189.42 188.67 175.67 178.89 167.36
- 143 -
Function/Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
PUBLIC SAFETY
Police
Physical arrests 196 208 191 212 181 178 125 164 664 686
Parking violations 306 299 901 443 404 317 99 29 160 188
Traffic violations 2,986 2,082 1,465 1,495 1,398 1,596 1,345 1,212 1,056 1,135
Fire
EMS incidents 1,321 1,329 1,432 1,380 1,408 1,468 1,162 1,493 1,707 2,017
Fire incidents 742 600 630 672 722 693 598 671 1,181 1,214
Community center
Police calls dispatched 19,853 19,442 23,924 21,656 23,716 23,200 18,460 20,561 18,173 17,492
Fire/EMS calls dispatched 2,448 2,246 2,407 2,493 2,616 2,711 2,253 2,665 2,888 3,231
WATER
New water meters installed 16 33 19 23 13 7 9 18 41 50
Water main breaks repaired 36 17 43 31 29 23 37 38 20 24
Water pumped (millions of gallons)1,080 1,152 1,087 995 966 889 840 916 942 961
LIBRARY
Total circulation 90,485 91,205 112,423 105,129 114,014 140,201 78,614 92,718 155,667 177,293
Avg. daily circulation 265 270 318 312 337 384 248 249 412 466
Total holdings 131,973 102,441 97,201 94,353 91,789 88,520 88,994 91,065 93,982 90,088
COMMUNITY DEVELOPMENT
Building permits issued 837 850 841 943 908 920 830 865 894 924
Inspections 2,648 2,790 2,999 2,963 2,607 2,510 2,203 2,556 2,686 3,496
Estimated construction value 110,922,495$ 174,948,935$ 99,520,330$ 176,470,285$ 135,704,908$ 167,423,370$ 179,143,947$ 121,039,599$ 133,244,295 215,308,136
SPORTS CORE
B&T recreation memberships 338 307 317 294 307 265 - - 382 333
Social memberships 82 81 77 - - - - - - -
Total events 72 71 75 65 74 88 8 45 59 25
Golf memberships 143 142 145 151 158 150 152 245 277 279
Total golf rounds 33,861 34,019 39,324 39,863 35,256 36,253 41,396 48,656 46,098 47,660
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
- 144 -
Function/Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Area patrols 5 5 5 5 5 5 5 5 5 4
Patrol units 11 11 11 11 11 11 11 11 11 11
Fire
Stations 2 2 2 2 2 2 2 2 2 2
Engine 1 1 1 2 1 1 1 1 0 0
Truck 1 1 1 1 1 1 1 1 1 1
Squad 1 1 1 2 1 1 1 1 1 1
Ambulances 2 2 2 2 2 2 3 3 3 3
Incident command vehicle 1 1 1 1 1 1 1 1 1 1
Reserve apparatus 4 4 4 4 4 4 3 3 2 2
Staff and support vehicles 4 3 3 3 3 4 3 3 6 6
PUBLIC WORKS
Arterial streets (miles)9 9 9 9 9 9 9 9 24 24
Residential streets (miles)49 49 49 49 49 49 49 49 56 56
Streetlights 565 565 565 565 565 565 565 565 666 666
Traffic intersections 11 11 11 11 11 11 11 11 11 11
WATER
Water mains (miles)105 105 105 105 105 105 105 105 111 88
Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,566 1,119
Storage capacity (gallons)8.0 mil.8.0 mil.8.0 mil.8.0 mil.8.0 mil.8.0 mil. 8.0 mil. 8.0 mil.8.0 mil. 8.0 mil.
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
- 145 -